All appeals filed by the defendant and prosecutor are dismissed.

1. The gist of the grounds for appeal;

A. Defendant A) As to the violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Fraud), the Defendant entered into a business investment agreement with the victim K and L, but only failed to return the investment funds to the victims because some of the agreed terms were not implemented due to changes in circumstances, and there was no intention to acquire them at the

B) Although it is true that the Defendant borrowed money from the victim Q with respect to fraud, the Defendant had the intent or ability to repay the Defendant’s debt at the time. 2) Although the prosecutor (not guilty part) could fully recognize the fact that the Defendant deceivings the victim E without the intent or ability to repay the debt, it is difficult to conclude that the Defendant borrowed money by deceiving the victim E, and the judgment of the court below that acquitted the Defendant of this part of the facts charged is erroneous.

B. As to the punishment sentenced by the court below (three years of imprisonment), the prosecutor asserts that the prosecutor is too unhued and unfair, and the defendant asserts that it is too unreasonable.

2. Determination

A. Determination of the Defendant’s assertion of mistake of facts is 1) Violation of the Act on the Aggravated Punishment, etc. of Specific Crimes (the subjective constituent elements of fraud in relation to fraud), unless the Defendant makes a confession, the crime of defraudation, which is a subjective constituent element of fraud, shall be determined by taking into account the objective circumstances such as the Defendant’s financial history, environment, details of the crime, and the process of performing transaction, etc., and the crime of fraud is also established by dolus negligence. The subjective element of the constituent elements of the crime, refers to the case where the possibility of occurrence of the crime is expressed as uncertain and it is permissible in light of the subjective element of the constituent elements of the crime, and the intention to deliberate on the possibility of occurrence of the crime is required in order to have a