All appeals by the defendant and prosecutor are dismissed.

1. Summary of grounds for appeal;

A. As to Defendant 1’s fraud against the victim D, with regard to the Defendant’s fraud, the Defendant only received KRW 1 million from the victim by introducing “AK” and introducing “AK”, and b) with regard to the fraud against the victim L, the Defendant used the money received from the victim as investment title, the Defendant used the said money for the purpose agreed with the victim, and c) with regard to the fraud against the victim Y, although the Defendant used most of the investment funds received from the victim for the actual purchase of fishery products, the lower court convicted the Defendant of this part of the facts charged, the lower court erred by misapprehending the legal doctrine.

2) The lower court’s improper sentencing is too unreasonable.

B. In full view of the evidence submitted by the prosecutor 1), the court below acquitted the defendant of this part of the facts charged, although the defendant could sufficiently recognize the fact that he had taken money by deceiving the victim J as stated in this part of the facts charged, and the court below erred in the misapprehension of facts.

2) Improper sentencing of the lower court is deemed unreasonable.

2. Determination

A. 1) The lower court’s determination on the Defendant’s assertion of mistake as to the Defendant’s fact-finding (A) fraud against the victim D, based on the following circumstances, namely, ① the victim’s statement concerning the contents of the horses made by the Defendant is consistent and specific, and sufficiently reliable, ② the Defendant specified “AK” in an investigative agency as G, and G merely lent a passbook to the Defendant, and stated that the Defendant did not have any history of doing business related to the visa (3rd 42, the investigation record in the case No. 442, the upper part of the case No. 442), ③ the victim transferred KRW 9 million to the H account in the name of G on July 11, 201, and that the victim immediately transferred KRW 8 million to another account in the name of G.