2. The circumstances favorable to the defendant are that the defendant led to the confession of the crime of this case and reflects his mistake, that there was no record of punishment for the same kind of crime, and that some victims agreed with them.

On the other hand, the fact that the amount of fraud is a very large amount, the fact that the money was acquired by defraudation from many victims through a considerable period of time, the agreement was reached with some victims, but it was not agreed to recover the damage of the above victims, and some victims who did not agree want the strict punishment of the defendant, and the amount of damage of the victims who did not agreed is a considerable large amount, etc. are disadvantageous to the defendant.

In full view of the above circumstances and other circumstances that led to the instant crime, including the circumstances and motive, the circumstances after the instant crime, the Defendant’s age, character and conduct, family relationship, environment, occupation, etc., and the conditions of sentencing as shown in the records and arguments, the lower court’s sentence is too unreasonable, and thus, the Defendant’s allegation of unfair sentencing is not acceptable.

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.