A. In light of the overall circumstances of this case, the punishment imposed by the court below (one year and six months of imprisonment) is too unreasonable.

B. In light of the overall circumstances of the Prosecutor’s instant case, the sentence imposed by the lower court is too uneasible and unreasonable.

2. The grounds for appeal by the Defendant and the Prosecutor are also examined.

The fact that the defendant has been convicted of all of the crimes of this case for the first time, and that the defendant has no record of punishment for the same crime and has no record of crime exceeding the fine, and that the defendant paid 500,000 won to the victim K and one million won to the victim N is favorable to the defendant.

However, each of the crimes of this case is due to the following circumstances: (a) the Defendant, without the intent or ability to guarantee the victims the principal and investment return; and (b) wrongfully consumed and embezzled the money in the name of fund subscription expenses; and (c) the amount of damage incurred by the Defendant for the victim was not more than KRW 170 million; (d) the damage amount to the victims was not recovered from the crime of this case to the first instance trial; and (e) the circumstances favorable to the Defendant were already considered in the lower court; and (e) there was no special change in the circumstances or circumstances that may be newly considered in the sentencing after the sentence of the lower judgment.

Taking into account the above favorable circumstances, the Defendant’s age, sex, environment, motive and circumstance leading to the instant crime, circumstances before and after the instant crime, and other circumstances, which are the conditions for the instant sentencing as shown in the trial process, such as the record and circumstances before and after the instant crime, the lower court’s punishment is too heavy or unreasonable, and thus, the above assertion by the Defendant and the Prosecutor is without merit.

3. In conclusion, the appeal filed by the defendant and the prosecutor is without merit, and thus, the appeal is all filed in accordance with Article 364(4) of the Criminal Procedure Act.