2. In full view of various circumstances, including the following: (a) the Defendant paid approximately KRW 40 million out of the amount of damage caused by fraud; (b) the Defendant fully repaid KRW 4.55 million of the amount of embezzlement damage to the Defendant; and (c) the Defendant was the primary offender; (d) the Defendant did not have any favorable condition for the Defendant; (b) the Defendant did not pay at least 1/2 of the amount of damage caused by fraud to the present day; and accordingly, (c) the extent of the Defendant’s punishment recommended according to the sentencing guidelines of the Supreme Court sentencing Committee for the instant crime (from June to January 11); (d) the Defendant’s age, sex, environment, family relationship, motive and circumstance of the crime; and (e) the Defendant’s punishment was too unreasonable even if considering the circumstances favorable to the Defendant, and thus, (e) the Defendant’s assertion is not reasonable.

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