The defendant's appeal is dismissed.

1. The gist of the reasons for appeal is that the defendant reflects his fault and that the defendant paid part of the investment fund to the victims and the actual amount of damage is 370,374,100, etc., the court below's punishment (four years of imprisonment) is too unreasonable.

2. However, there are favorable circumstances for the defendant, such as the fact that the defendant agreed with the victim'sO, and the defendant's payment of the victim's profit as the profit by means of deception to the victims is less than the amount stated in the decision of the court below.

However, even if the defendant had been punished several times for the same crime, the defendant committed the crime of this case; the victim who was accused of the defendant reached 12 persons and the amount acquired by the defendant exceeds 660 million won; the part of the amount acquired by the defendant was returned to the victims; however, it appears to be aimed at continuing the crime of defraudation from the victims by hiding the accused's deception; the crime of this case has been committed against a minor person for a long time; the nature of the crime of this case is not good; the damage has not been considerably recovered; and all the sentencing conditions specified in the arguments of this case, such as age, sex, environment, method of crime, and circumstances before and after the crime, etc., the court below's punishment is too unreasonable.

3. The appeal of this case by the defendant is dismissed in accordance with Article 364(4) of the Criminal Procedure Act, since the appeal of this case is without merit.