All appeals filed by the defendant and prosecutor are dismissed.

1. Summary of grounds for appeal;

A. The punishment sentenced by the lower court (two years of imprisonment) is too unreasonable.

B. The above sentence imposed by the prosecutor by the court below is too uneasible and unfair.

2. As to the assertion of unfair sentencing by the Defendant and the prosecutor, the number of the instant crime committed by the Defendant, while receiving money from the victims without permission, is significant (a approximately KRW 600 million of the amount received without permission, and KRW 623 million of the amount obtained through deception), and the method of the commission of the crime, etc., in light of the following: (a) the Defendant, as the actual operator of the F Co., Ltd., was in the degree of participation in the instant crime by attracting investors and receiving money from them; and (b) the Defendant was in the course of participating in the instant crime; and (c) the victim was a majority and was not agreed with the victims until the trial.

On the other hand, the fact that the defendant recognized the crime of this case and reflects the fact that a certain part of the amount of the acquired money seems to be less than the actual amount of the acquired money by paying the profits to the victims or returning the invested money, the victims expect excessive profits and invest money to the defendant without any particular investigation, etc. are favorable to the defendant.

In addition to this point, comprehensively taking account of various circumstances such as the Defendant’s age, character and conduct, environment, motive, means and method of the instant crime, and circumstances after the crime, it is not recognized that the lower court’s sentence against the Defendant is too heavy or too unreasonable.

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

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

Article 25 of the Regulations on Criminal Procedure.