It is reasonable to consider that the defendant did not have any criminal record other than that of the previous and the fine, and that the defendant does not have any criminal record other than that of the previous and the fine.

However, the amount claimed by the Defendant is deemed to have committed a crime over a long period of time and paid to the victims as interest or investment profit. The right to collateral security of KRW 30 million and KRW 40 million established to S and T among the victims, considering the market price of the relevant real estate, the maximum debt amount of senior mortgage, and the amount of the preserved obligation, seems to be ineffective, and the act of committing the crime is extremely poor, such as actively forging and exercising documents for the purpose of defraudation, and the amount of money acquired by the Defendant is larger than KRW 50 million, and the amount of money acquired by the Defendant is not recovered, and the damage is not entirely recovered, the period of the crime is continuing over a long period of time from December 2008 to May 2012, the other circumstances, including the Defendant’s age, character and conduct, environment, motive and consequence of the crime, and the circumstances after the crime, etc., which are the conditions for the arguments and the sentencing indicated in the records of this case, cannot be deemed to be excessively unfair to the extent that the sentence imposed by the lower court is reversed.

Defendant’s assertion is without merit.

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