2. In light of the following circumstances: (a) the Defendant’s mistake was recognized by the lower court; (b) there was no previous conviction exceeding a fine for the past ten years; (c) one of the previous criminal records of fraud was committed for a long time; (d) the victims have agreed with the victims; or (e) the total amount of defraudation was not specified as KRW 40 million in favor of the victims; (b) the lower court appears to have determined punishment by fully considering the circumstances favorable to the Defendant; and (c) there seems to exist no changes in circumstances that could change the circumstances favorable to the Defendant; and (d) other various sentencing conditions specified in the instant argument, such as the circumstances leading up to the instant crime, circumstances after the instant crime, the Defendant’s age, character, conduct and environment, etc., the lower court’s

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