2. In light of the fact that the crime of this case was committed in a systematic and planned manner against many and unspecified persons, the crime of this case requires strict punishment due to the serious social harm caused by the crime, the degree of the defendant's participation in the crime of this case, such as deceiving victims by presenting the documents under the name of the Chairperson of the Financial Services Commission, and receiving the direct money from victims, etc., and the total amount of the money obtained by deception exceeds KRW 400 million, it cannot be deemed that the lower court's punishment is unreasonable.

3. The defendant's appeal is dismissed in accordance with Article 364 (4) of the Criminal Procedure Act on the grounds that the conclusion is groundless.