2. In light of the following circumstances: (a) the Defendant was aware of the degree of damage caused by the defraudedation of KRW 240,732,50 for about four years from the victim; (b) the Defendant’s speech and behavior of the victim and the victim have suffered considerable economic depression; and (c) the Defendant neglected to endeavor to recover from damage; (b) the Defendant made confession and reflects all of the instant crimes in the trial; (c) the Defendant paid KRW 106,197,00 in total under the pretext of dividends, although not under the pretext of the payment of damage; (d) the victim invested or lent money in excess of KRW 200,000 to the Defendant for four years without confirming whether the Defendant would incur profit by any means while investing money to the Defendant; (e) the Defendant did not have previous connection with the Defendant; and (e) the Defendant’s age, character and behavior, family environment, criminal motive, previous criminal records, etc., the sentencing of the lower court is too unfavorable in full view of all circumstances.

It is not likely that it is improper or unreasonable.

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