2. The circumstances favorable to the Defendant include: (a) there was no record that the Defendant had been punished for the same offense; (b) most forged industrial finance bonds sold by the Defendant were seized; and (c) there was no benefit acquired by the instant crime; and (d) the fact that his mistake is divided.

However, there is a need for strict punishment in that it may cause economic confusion by impairing the trust of securities and disturbing the distribution order. In particular, even though industrial finance bonds issued by the Korea Development Bank in the name of the Republic of Korea used to commit the instant crime is indicated that the date of redemption is considerably past, it is highly likely that the general public could not easily have access to the industrial finance bonds, and can be used as means of committing other crimes, such as fraud, and thus, there is a high potential risk. The amount of industrial finance bonds sold by the Defendant reaches 200 won in face value and 20 billion won in face value, and in full view of all the sentencing factors as shown in the instant arguments, such as the Defendant’s age, sex, environment, the process and consequence of the instant crime, the circumstances after the instant crime, etc., the sentence of the lower court is too unreasonable.

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.