The defendant's appeal is dismissed.

1. Summary of grounds for appeal;

A. misunderstanding of the facts or misapprehension of the legal principles (as to the violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Fraud) and the fraud part) did not actively encourage the victims to invest in futures options, and rather, the victims offered the Defendant to operate the investment fund first and responded to this.

In addition, the victims were aware of the risk of futures option investment through securities companies, etc. before giving investment funds to the defendant.

The fact that the defendant's failure to pay the principal of investment and the profits to the victims increases in the size of the investment funds, and the situation of the stock market was different from the defendant's forecast.

Therefore, there was a criminal intent of deceiving victims or deceiving the defendant.

shall not be deemed to exist.

B. The sentence of the lower court’s improper sentencing (three years and six months of imprisonment) is too unreasonable.

2. Determination

A. 1) According to the evidence duly adopted and examined by the lower court, the following circumstances can be acknowledged as to the assertion of misunderstanding the facts or misapprehending the legal doctrine.

A) At the time of committing the instant crime, the Defendant did not have any revenue or property other than futures option investment, and was liable for a large amount of debt from the guarantee insurance company and bond holders. From around 2014, the Defendant, prior to committing the instant crime, was in the state of continuous increase in cumulative losses due to the difference of yield on investment in futures options.

B) In around 2004, the Defendant, while in office in a securities company, invested KRW 300 million in futures option in the form of a discretionary sale prohibited under the relevant laws, and was subject to disciplinary action, resulting in total loss of principal.

Therefore, the Defendant appears to have been aware of the possibility of high principal loss in futures option investment, and at the time of the instant crime.