2. There is no change in circumstances in the trial concerning the sentencing of the judgment, and the lower court has already determined the punishment by fully taking account of all circumstances that the Defendant already asserted as the grounds for appeal.

In particular, even though the defrauded amount exceeds KRW 200 million (in the event that the amount of damage caused by breach of trust exceeds KRW 300 million, damage to the victims has not been recovered. In full view of the sentencing grounds cited by the lower court and other factors such as the Defendant’s age, character and conduct, environment and circumstances of the crime, etc., it is not deemed that the lower court’s punishment was too excessive and exceeded the reasonable scope of discretion on the sentencing.

Therefore, the defendant's assertion is not accepted.

3. In conclusion, the defendant's appeal is dismissed in accordance with Article 364 (4) of the Criminal Procedure Act on the ground that it is without merit. It is so decided as per Disposition.