Although the Defendant agreed with victim N, L, K, and D, the lower court already determined the Defendant’s punishment in consideration of these circumstances, the Defendant’s total amount of fraud amounting to KRW 782.5 million, the Defendant did not pay damages to the victim I who suffered damage, in addition to the partial payment of the proceeds, and the Defendant does not have to use the investment funds received from the victims for the purpose of repaying dividends or principal. It is not appropriate to the extent that the Defendant would not use the funds to pay dividends or principal to other investors, but the degree of deceiving the victims to receive the high amount of investment funds without any practical means to return the investment funds to the victims. In light of various sentencing conditions as shown in the argument of the instant case, such as the method of the instant crime, the background and circumstances of the crime, the circumstances after the crime, the Defendant’s age and character, etc., the Defendant’s assertion is without merit. Therefore, the Defendant’s allegation is without merit.

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