2. The lower court rendered a sentence by taking into account the following circumstances: (a) the victim is a majority of the victims and the defrauded amount reaches KRW 375 million in total; (b) the damage has not yet been recovered; (c) the Defendant recognized the crime and reflects it; and (d) the circumstances favorable to the fact that there is no criminal record of the same kind of criminal record or the suspension of execution of execution of execution of sentence; and (d) other factors of sentencing specified in the instant records and arguments, including the criminal history, age, sex, environment, motive and means of the crime; and (e) circumstances after the crime.

In view of the fact that the court below has already taken into account sufficient factors in determining the punishment against the defendant, and the victims have applied for the strict punishment of the defendant, the reason for the improper sentencing (the fact that the defendant recognized all of the crimes in this case and against the defendant) alleged by the defendant was changed in the above sentencing conditions in the trial.

There is no circumstance to see the above sentencing conditions, and considering the above sentencing conditions, the sentence of the court below is determined to be reasonable within the reasonable scope of discretion.

Defendant’s assertion is without merit.

3. In conclusion, the defendant's appeal is dismissed in accordance with Article 364 (4) of the Criminal Procedure Act on the grounds that the defendant's appeal is without merit. It is so decided as per Disposition.