All appeals by the Defendants and the Prosecutor are dismissed.

1. Summary of grounds for appeal;

A. Defendants 1) misunderstanding of facts and misunderstanding of legal principles ① The Defendants’ “L Complex Development Project” (hereinafter “L Complex Development Project”) in response to the “public invitation to select a business operator for the establishment of a multi-purpose building” by the Ministry of Culture, Sports and Tourism.

(2) Around March 17, 2015, Defendant B did not make investment recommendations or have contributed to the act in the course of investing KRW 190 million by the victim D around March 1, 2015. (3) It was true that the Defendants, on February 1, 2016, borrowed KRW 15 million from the victim D on the same day, but this money should be excluded from the amount of fraud. Nevertheless, the lower court found the Defendants guilty of all the facts charged in the instant case on the same day. (2) In so doing, the lower court erred by misapprehending the legal doctrine and misapprehending the legal doctrine, which was sentenced by the lower court to the Defendants on the grounds of unfair sentencing (around March 17, 2015, Defendant B did not make investment recommendations or have contributed to the investment of KRW 15 million.

B. The above sentence imposed by the prosecutor by the court below on the defendants is too unfortunate and unfair.

2. Determination

A. The Defendants alleged the same purport as the grounds for appeal in this part of the judgment of the court below, and the court below rejected the Defendants’ assertion and found the Defendants guilty of this part of the charges on the grounds of the circumstances stated in its reasoning.

The above judgment of the court below is just in full view of the circumstances such as the court below's statement and the following facts and circumstances recognized by these evidence, which are duly admitted and admitted by the court below.