The prosecutor's appeal is dismissed.

1. Summary of the grounds for appeal;

A. During the process of receiving a loan in the name of the violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Embezzlement) and the violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Embezzlement in original instance), E Co., Ltd. (hereinafter “E”), the Defendant signed all documents related to credit transactions, and all of the Defendant’s personal liabilities and tax relations were included in the weekly matters at the time, and the Z was also in charge of the Korea Investment Securities Co., Ltd. (hereinafter “Korea Investment Securities Co., Ltd.”) confirmed the fact that the Z performed its business with E in accordance with the ordinary company fund management procedures. Even if G was crossed through embezzlement, it did not report to the Defendant in the course of performing the loan in the name of the Defendant, and even if G was intended to use the company fund in personal name, if G was used in any other place than the Defendant’s personal debt repayment, and even if there was no hidden reason for the Defendant to do so, the lower court acquitted the Defendant of this part of the facts charged.

B. It is apparent that the defendant did not return to the victim K the shares of the part of the violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Fraud) (related to the case 2012 Gohap977). When the defendant borrows 60,000 shares of D (hereinafter “D”) from the above victim, all of the defendant's shares 7.2 million shares of D (hereinafter "the shares of this case") were provided as security to the bond company, etc., and the defendant did not notify the victim of the fact while borrowing the shares of this case from the person who was requested by the bond company, etc. due to the decline in the value of the shares. The defendant borrowed the shares of this case from the victim due to the difficulties in the operation of