The defendant's appeal is dismissed.

1. The sentencing of the court below (three years and six months of imprisonment) is too unreasonable.

2. It is recognized that the judgment defendant reflects his mistake and has no record of being punished before the crime of this case.

However, the amount of the instant fraud reaches approximately KRW 1.2 billion, and the number of victims is up to nine. Nevertheless, the Defendant merely repaid the victims the sum of KRW 550 million in the name of investment proceeds, etc. among the above defraudeds, and did not repay the remainder. In addition, taking into account the following factors: Defendant’s age, character and conduct, environment, motive and background leading to the instant crime, method and consequence of the instant crime, circumstances before and after the instant crime, etc., it is difficult to deem that the sentencing of the lower court is too unreasonable.

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