The judgment of the court below is reversed.

A defendant shall be punished by imprisonment for four years.

1. The summary of the grounds for appeal (unfair sentencing) that the lower court sentenced the Defendant (five years of imprisonment) is too unreasonable.

2. The Defendant committed each of the instant crimes by deceiving victims, as if he/she were to be an expert in derivatives investment, such as stocks, futures, options, etc., and as if he/she had guaranteed the principal of investment or would be paid a final profit of 3% per month, deceiving victims to take over total of 6.19 billion won from victims, and receiving similar amounts of money.

The defendant committed a crime for about seven years consecutively and repeatedly against the four victims, and the defendant continuously deceiving the victims and re-transfer the investment funds received from other investors including the victims to the victims under the pretext of investment proceeds, etc. although they had been in the state of loss due to stocks, futures investment, etc., through the so-called "return prevention" method, such as deceiving the victims continuously without hiding such fact, and making use of personal trust relationship, such as using the victim C, who is affiliated with the university, as the object of crime, and his/her arbits or arbits, and using the existing victims as the tool for the crime of defraudation to other victims, a large amount of damage amount exceeding 6.1932 million won in total, and a considerable amount of damage amount is considered to have spent for personal purposes, such as purchase of apartment houses and vehicles, purchase of printed goods, purchase of overseas travel expenses, etc.

Even if the defendant deducts the amount paid by the victims as profits in the course of committing the crime and the amount paid for the recovery of damage from the disclosure of each of the crimes of this case to the depth of the party, the actual remaining amount of damage suffered by the victims reaches 2 billion won in total.

Such circumstances are disadvantageous to the defendant.

However, the defendant recognized all of the crimes of this case and repented his mistake in depth.

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