2. The conclusion that the Defendant confessions the instant crime and reflects his mistake in depth, and that there is no particular criminal record other than being punished by a minor fine due to the instant crime, and that the victim is easily exempted from the Defendant’s deception due to the desire to obtain high profit in a short period, is favorable to the Defendant.

However, it is the fact that the amount of defraudation (a approximately KRW 370 million) is a large amount, and that the damage has not been recovered at all is 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.