2. The circumstances favorable to the defendant include the fact that the defendant was the first offender, that the defendant reflects in depth on his own crime, that part of the victims' damages was returned under the name of interest, dividend, etc., and that the defendant's health status is not good.

On the other hand, the fact that the defendant continued to commit deception against a considerable number of victims for a long time, the total amount of damage incurred by the defendant's crime exceeds 1.9 billion won, the defendant did not reach an agreement with the victims, and the defendant does not take measures for recovery of damage to the victims other than interest or dividends already paid.

In full view of the following circumstances, the Defendant’s age, character and conduct, environment, motive and background of the crime, and circumstances after the crime, etc., the sentence imposed by the lower court is too unreasonable.

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