All judgment of the court below shall be reversed.

A defendant shall be punished by imprisonment for four years.

1. Summary of grounds for appeal;

A. As to the judgment of the court below 1, the court below convicted the victim N of the violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Fraud) on the following grounds.

① The Defendant, not by deceiving the victim N as stated in this part of the facts charged, deceiving the said victim, a representative director of the AX, etc. who proposed the instant redevelopment project.

② The Defendant agreed to jointly implement the instant redevelopment project (hereinafter “instant redevelopment project”) as indicated in the judgment of the lower court, together with D, which is the victim N and the representative director of the LAB Co., Ltd., and entered into a joint execution agreement, and the said victim paid the purchase price for the land owned by the LAB and the acquisition price for the urban rearrangement company by the LAS, in accordance with the said agreement.

(3) The sales contract for the land owned by the U.S. Bank shall not be executed in accordance with the agreement for the same business as the wind terminated due to any cause not anticipated at the time the contract was concluded, and thus the defendant shall not bear criminal liability.

④ The sum of KRW 50,000,00,000, as indicated in the attached list Nos. 1, 4, 5, and 7 of the crime list of the lower judgment, is merely the Defendant’s personal loan and repayment from the victim N, and there is no relationship with the instant redevelopment project, and such relationship should be excluded from the amount of fraud.

In addition, the sum of KRW 400 million per annum 2,3,10 of the above crime sight table Nos. 2, 3, and 10 shall be excluded from the amount of damage since AM was paid directly to the defendant under the direction of the victim N, and the sum of KRW 99 million per annum Nos. 6, 8, 9, and 11 of the above crime sight table is the amount of partnership business expenses duly executed for the redevelopment project of this case.

Even if a fraud is established in relation to the facts charged in Shebro, the victim N will make a down payment from the Account of the Bank of Korea on June 22, 2010.