A. In light of the fact that the defendant and his defense counsel recognize and reflects the mistake, there is no record of criminal punishment for the same kind of crime, and most victims expressed their intent that they do not want the punishment of the defendant, the sentence of the court below that sentenced one year of imprisonment is too unreasonable.

B. In light of the fact that the public prosecutor’s crime of this case is the majority of the victims, the amount of damage is large and the damage is not properly recovered, and that there is a great need to prevent the mass production of a good victim in the future and to protect sound market economy order by strictly punishing a person who violates the Act on the Regulation of Similar Receiving Acts like this case, such as this case, the court below’s punishment is too uneasible and unfair

2. The crime of this case is not deemed to be a crime committed by the defendant in collusion with D by deceiving a large number of unspecified persons, and by deceiving a large amount of investment funds, which is not good in quality. The amount of damage caused by the crime of this case is equivalent to KRW 266,59 million, and the amount of damage not recovered until now exceeds KRW 100 million. Meanwhile, there is no record of criminal punishment for the same crime, there is no record of criminal punishment for the same kind of crime, certain victims expressed their intent not to be punished, and other matters stipulated in Article 51 of the Criminal Act, which are conditions for sentencing, such as the background of the crime of this case, circumstance before and after the crime of this case, character and conduct of the defendant as shown in the records and arguments, etc., shall not be deemed to be unfair because the punishment imposed by the court below is too excessive, excessive, or too excessive.

Therefore, the above argument is without merit.

3. Conclusion, the appeal by the defendant and by the prosecutor is without merit, and thus, all appeals are made in accordance with Article 364(4) of the Criminal Procedure Act.