A. The sentence of the lower court (a 3 years of imprisonment, confiscation) is too unreasonable.

B. The Prosecutor’s sentence of the lower court is too unhued and unreasonable.

2. We also examine the arguments of the Defendant and the Prosecutor.

The defendant appears to have the attitude to recognize and reflect all the crimes of this case, and the past record of criminal punishment in Korea is not confirmed, etc. that are favorable to the defendant.

Meanwhile, the crime of this case is a so-called " Bosishing," which is committed in a systematic, planned, and intelligent manner against many unspecified victims, and the nature of the crime is considerably poor, the social harm of the crime is very great, and it is inevitable to severely punish subordinate participants such as collection and delivery measures, and the defendant was actively involved in the crime of this case by misrepresenting his employee of the Financial Supervisory Service, etc., and the amount of damage reaches 81.65 million won, and most damage seems to have not been recovered, etc. are disadvantageous to the defendant.

As above, in full view of the factors of sentencing as seen in the records and arguments of this case, such as the Defendant’s favorable and unfavorable circumstances, the Defendant’s age, sex, environment, family relationship, motive and circumstance of the crime, etc., and the circumstances after the crime, the lower court’s punishment was too heavy or it exceeded the discretionary scope.

Therefore, the defendant and the prosecutor's assertion are without merit.

3. In conclusion, since the appeal by the defendant and the prosecutor is without merit, all of them are dismissed in accordance with Article 364(4) of the Criminal Procedure Act. It is so decided as per Disposition.