2. The judgment of the court below is against the defendant's recognition of all of the crimes of this case, and the victim's punishment is not imposed against the defendant under the agreement with the victim C only with the victim C, and Article 1-A of the judgment of the court below.

B. The crime of fraud and the crime of the second or six crimes in the holding of the court below are favorable circumstances where the judgment of the court below becomes final and conclusive. <3> The crime of fabrication of securities and the crime of conspiracy of securities are concurrent crimes under the latter part of Article 37 of the Criminal Act.

However, each of the crimes of this case is an unfavorable circumstance where the defendant received the total sum of KRW 12 million from six victims as a loan, and acquired it by means of supply of approximately KRW 62 million in total. In light of the frequency of the crime and the size of the amount of fraud, it is not good that the crime is committed; the defendant has been punished several times for the same crime; the defendant committed most of the crimes of this case during the period of repeated crime; the defendant did not agree with the other victims except the victim C.

Considering the Defendant’s age, character and conduct, environment, motive and background of the crime, the means and consequence of the crime, and various conditions of sentencing indicated in the instant records and pleadings, including the circumstances after the crime, the lower court’s judgment cannot be deemed unreasonable to have exceeded, or maintain, the reasonable bounds of discretion.

Therefore, the defendant's assertion of unfair sentencing is without merit.

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.