Open Decision Ledger · Economic crime
Calculation of gains under the Act on the Aggravated Punishment, etc. of Specific Economic Crimes where funds are obtained by fraud by way of reinvestment, and whether fundraising directed at acquaintances constitutes an act similar to the banking business
Translated from the Korean original. Read the Korean
Supreme Court, May 26, 2006, 2006Do1614 (judgment)
Case name: 특정경제범죄가중처벌등에관한법률위반(사기)·사기·유사수신행위의규제에관한법률위반·근로기준법위반
Official text on the National Law Information Center
Question
Where funds have been continuously obtained by fraud by returning the invested funds and then having them reinvested, must the returned principal and profits be deducted from the gains under the Act on the Aggravated Punishment, etc. of Specific Economic Crimes, and does directly soliciting investment from an acquaintance to raise funds also constitute an act similar to the banking business?
Holding
The offense of fraud is established with each delivery of the invested funds, so the aggregate amount of the funds obtained by fraud constitutes the gains, and the returned principal and profits are not deducted. Even where the solicitation was made directly to an acquaintance, if, in terms of the structure or nature of the fundraising, the opportunity to participate in the investment is open to anyone who wishes, it constitutes an act similar to the banking business as fundraising from an unspecified number of persons.
Summary of the holding, verbatim
교부받은 투자금을 피해자들에게 반환하였다가 다시 그 돈을 재투자받는 방식으로 계속적으로 투자금을 수수하였다면 그 각 편취범행으로 교부받은 투자금의 합계액이 특정경제범죄 가중처벌 등에 관한 법률 제3조 제1항 소정의 이득액이 되는 것이지, 반환한 원금 및 수익금을 공제하여 이득액을 산정해야 하는 것은 아니다.
Unofficial English translation
If investment funds handed over were returned to the victims and then received again as reinvestments in a continuing manner, the aggregate sum of the investment funds handed over through each act of fraud constitutes the amount of gain as provided in Article 3 (1) of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes, and the amount of gain need not be calculated by deducting the principal and profits returned.
Disposition
Dismissed Stated in the decision
상고를 기각한다.
Unofficial English translation
The appeal is dismissed.
Form of the test
Elements stated Stated in the decision
그 자금조달 행위의 구조나 성격상 어느 누구라도 희망을 하면 투자에 참여할 수 있는 기회가 열려 있다고 한다면 이는 불특정 다수인으로부터 자금을 조달하는 행위로서 유사수신행위에 해당한다고 봄이 상당하다.
Unofficial English translation
If, in light of the structure or nature of the fund-raising act, the opportunity to participate in the investment is open to anyone who so wishes, it is reasonable to regard such act as an act of raising funds from an unspecified multitude of persons and thus as an act of similar receipt.
Factors
- 궁극적으로 그와 같은 이득이 실현되었는지 여부는 영향이 없다
- 그 투자금을 교부받을 때마다 각별로 사기죄가 성립하는 것이므로
- 반환한 원금 및 수익금을 공제하여 이득액을 산정해야 하는 것은 아니다
- 평소 알고 지내는 사람에게 직접 투자를 권유하여 자금을 조달하는 경우라도
- 그 자금조달 행위의 구조나 성격상 어느 누구라도 희망을 하면 투자에 참여할 수 있는 기회가 열려 있다고 한다면
Unofficial English translation
• whether such gain was ultimately realized has no effect
• because the offense of fraud is established separately each time such investment funds are handed over
• the amount of gain need not be calculated by deducting the principal and profits returned
• even in the case of raising funds by soliciting direct investment from persons one knows on ordinary terms
• if, in light of the structure or nature of the fund-raising act, the opportunity to participate in the investment is open to anyone who so wishes
Relation to precedent
Follows earlier decisions Stated in the decision
대법원 2000. 2. 25. 선고 99도4305 판결
Unofficial English translation
Supreme Court Decision 99Do4305 decided February 25, 2000
Decisions referred to
[1] 대법원 2000. 2. 25. 선고 99도4305 판결(공2000상, 896), 대법원 2004. 3. 26. 선고 2003도8231 판결, 대법원 2006. 3. 10. 선고 2005도9387 판결 / [3] 대법원 2005. 11. 24. 선고 2003도2213 판결
Burden of proof
Not addressed Not in the decision
Open question and revisit condition
Where an investment is solicited from an acquaintance, to what extent are the specific circumstances bearing on whether the opportunity to participate in the investment was open to everyone taken into account, such as a limitation on the scope of the solicitation or control over the route of introduction?
If the concept of gains under Article 3, paragraph (1) of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes or the definition in Article 2, subparagraph 1 of the Act on the Regulation of Solicitation and Receipt of Money, etc. is amended, or if a new decision concerning the calculation of gains is rendered, this reading will be re-examined.
Cross-family AI independent reading & axis check
8 of 8 axes matched GPT-6 Astra (OpenAI, codex CLI) · 2026-10-16
When compared with an independent reading by a different line of AI (GPT-6 Astra), which read only the original text without seeing the first reading, all 8 axes matched.
Raw responses and comparison record: Protocol · Blind readings (JSONL) · Axis comparison (JSONL) · SHA-256 (JSON)
Lower-court contrast & scope of application
Lower-court reading vs. Supreme Court holding
Lower-court context: The court below (Seoul High Court Decision 2005No177, 2782 rendered on February 8, 2006) found the facts of the fraud offense guilty, and viewed the aggregate amount of the invested funds that had been returned and then reinvested as the gains under the Act on the Aggravated Punishment, etc. of Specific Economic Crimes, without deducting the returned principal and profits, and held that the fundraising directly solicited from acquaintances also constitutes an act similar to the banking business.
Supreme Court standard: The Supreme Court found the court below's fact-finding, calculation of gains, and determination as to the act similar to the banking business all justifiable on the same reasoning and accepted them, and, holding that since a sentence of less than 10 years' imprisonment had been imposed the contention that the sentence was excessive cannot constitute a valid ground for final appeal, dismissed the final appeal.
Distinguishing conditions
- Where, at the time the invested funds were delivered, there was the intention and ability to pay the principal and profits, so that each delivery cannot be regarded as obtaining by fraud
- Where, rather than a reinvestment following a return, a single delivery was made under one act of deception, so that separate offenses of fraud are not constituted
- Where the persons solicited were limited from the outset to certain specified persons, so that the fundraising is not of a structure in which anyone who wishes may participate
Record verification notes
Before asserting that gains are to be aggregated or that the conduct constitutes an act similar to the banking business, first examine whether the record confirms both that there was no intention or ability to pay at each point in time when the invested funds were delivered and that the fundraising structure was in fact open to an unspecified number of persons.
From the official text
Points at issue
[1] 특정경제범죄 가중처벌 등에 관한 법률 제3조 제1항에서 말하는 ‘이득액’의 의미 [2] 편취범행으로 교부받은 투자금을 피해자들에게 반환하였다가 다시 그 돈을 재투자받는 방식으로 계속적으로 투자금을 수수한 경우, 특정경제범죄 가중처벌 등에 관한 법률 제3조 제1항에서의 이득액의 산정 방법 [3] 유사수신행위를 금지하는 유사수신행위의 규제에 관한 법률 제3조의 입법 취지 [4] 평소 알고 지내는 사람에게 직접 투자를 권유하여 자금을 조달하는 행위가 유사수신행위에 해당하는지 여부(한정 적극)
Unofficial English translation
[1] The meaning of 'amount of gain' as used in Article 3 (1) of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes [2] The method of calculating the amount of gain under Article 3 (1) of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes where investment funds handed over through acts of fraud were returned to the victims and then received again as reinvestments in a continuing manner [3] The legislative purpose of Article 3 of the Act on the Regulation of Business Conducting the Receipt of Money, etc. Similar to Deposits, which prohibits acts of similar receipt [4] Whether an act of soliciting direct investment and raising funds from persons one knows on ordinary terms falls within an act of similar receipt (limited affirmative)
Summary of the holding
[1] 사기죄는 기망으로 인한 재물의 교부가 있으면 바로 성립하고, 특정경제범죄 가중처벌 등에 관한 법률 제3조 제1항 소정의 ‘이득액’이란 거기에 열거된 범죄행위로 인하여 취득하거나 제3자로 하여금 취득하게 한 불법영득의 대상이 된 재물이나 재산상 이익의 가액 합계이지 궁극적으로 그와 같은 이득이 실현되었는지 여부는 영향이 없다. [2] 피고인이 원금 및 수익금을 제대로 지불하여 줄 의사나 능력 없이 피해자들로부터 투자금을 교부받아 이를 편취하였다면 그 투자금을 교부받을 때마다 각별로 사기죄가 성립하는 것이므로, 교부받은 투자금을 피해자들에게 반환하였다가 다시 그 돈을 재투자받는 방식으로 계속적으로 투자금을 수수하였다면 그 각 편취범행으로 교부받은 투자금의 합계액이 특정경제범죄 가중처벌 등에 관한 법률 제3조 제1항 소정의 이득액이 되는 것이지, 반환한 원금 및 수익금을 공제하여 이득액을 산정해야 하는 것은 아니다. [3] 유사수신행위의 규제에 관한 법률 제3조는 유사수신행위를 금지하면서 제2조 제1호에서 ‘장래에 출자금의 전액 또는 이를 초과하는 금액을 지급할 것을 약정하고 출자금을 수입하는 행위’를 유사수신행위의 하나로 규정하고 있는바, 그와 같이 유사수신행위를 규제하려는 입법 취지는 관계 법령에 의한 허가나 인가를 받지 않고 불특정 다수인으로부터 출자금 등의 명목으로 자금을 조달하는 행위를 규제하여 선량한 거래자를 보호하고 건전한 금융질서를 확립하려는 데에 있다. [4] 유사수신행위의 규제에 관한 법률 제3조의 입법 취지 등에 비추어 볼 때, 광고를 통하여 투자자를 모집하는 등 전혀 면식이 없는 사람들로부터 자금을 조달하는 경우뿐만 아니라 평소 알고 지내는 사람에게 직접 투자를 권유하여 자금을 조달하는 경우라도, 그 자금조달 행위의 구조나 성격상 어느 누구라도 희망을 하면 투자에 참여할 수 있는 기회가 열려 있다고 한다면 이는 불특정 다수인으로부터 자금을 조달하는 행위로서 유사수신행위에 해당한다고 봄이 상당하다.
Order
상고를 기각한다. 상고 후의 구금일수 중 100일을 본형에 산입한다.
Unofficial English translation
The appeal is dismissed. 100 days of the detention after the final appeal shall be counted toward the principal sentence.
Provisions referred to
[1] 특정경제범죄 가중처벌 등에 관한 법률 제3조 제1항, 형법 제347조 [2] 특정경제범죄 가중처벌 등에 관한 법률 제3조 제1항, 형법 제347조 [3] 유사수신행위의 규제에 관한 법률 제2조 제1호, 제3조 [4] 유사수신행위의 규제에 관한 법률 제2조 제1호, 제3조
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