All appeals by prosecutors are dismissed.

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

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

2. We examine both the criminal defendant and the prosecutor’s unfair argument in sentencing.

The Defendant recognized and reflected the instant crime, and the victims received considerable amount of damages or did not want to be punished against the Defendant.

On the other hand, the crime of this case is not suitable when considering the frequency of the crime, number of victims, and scale of damage, etc., by deceiving many victims while operating the corporation D, by obtaining money under the name of business investment funds, and by receiving similar money, considering the frequency of the crime, the number of victims, and so on.

The victims have not been able to recover damages.

Although the defendant had been punished for the same crime, he also committed the crime of this case.

In addition, considering the defendant's age, sex, environment, motive, means and consequence of the crime, circumstances after the crime, etc., and various other circumstances that form the conditions for sentencing as shown in the records and theories of changes, the sentence imposed by the court below is deemed appropriate, and it does not seem unfair because it is too heavy or too heavy.

Therefore, the above argument by the defendant and the prosecutor is without merit.

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