2. In light of the following circumstances: (a) the Defendant recognized the instant crime and reflects the Defendant; (b) the Defendant did not have any criminal record exceeding the same criminal record or fine; and (c) the Defendant W was not punished by the Defendant under the agreement with the victim W (amounting to KRW 1,925,600) in the trial; (b) the Defendant committed several offenses against many victims; (c) the Defendant committed several frauds; (d) the amount of fraud damages exceeds KRW 270 million; and (e) the amount of damage caused by the crime exceeds KRW 270 million; and (e) the victims have not been recovered most of the damages up to now; and (e) other circumstances, including the background, means, results, and circumstances after the instant crime, etc., the lower court’s punishment is too unreasonable. Therefore, the 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 since it is without merit. It is so decided as per Disposition.