The defendant's appeal is dismissed.

1. The court below's scope of trial in this Court dismissed the applicant's application for compensation, and there is no appeal against the judgment dismissing the application for compensation (Article 32 (4) of the Act on Special Cases Concerning the Promotion, etc. of Legal Proceedings), and the part dismissing the application for compensation order was immediately finalized.

Therefore, the rejection of the above order for compensation is excluded from the scope of the trial of this court.

2. The sentence imposed by the court below on the defendant (six years of imprisonment) is too unreasonable.

3. The judgment of the court below is that the defendant confessions the criminal facts that were denied at the court below's trial and reflects the wrong, the victim AI and the re-investment of the investment proceeds after receiving the investment proceeds is included in the criminal facts. Most of the investment principal are paid in return for profits and principal, and the actual damage amount is about KRW 386 million in the case of the victim AI, approximately KRW 730 million in the case of the victim AA, and approximately KRW 73,000 in the case of the victim AE., the victims do not want punishment against the defendant; considerable part of the amount acquired by the defendant from the victims is considered to have been used for the payment of the existing debts; it is assumed that the defendant was in a short period of time and is responsible for the occurrence and expansion of damage to the victims who made unreasonable investments; and the defendant does not have any criminal history except for the fact that the defendant received a juvenile protective disposition due to this type of crime.

On the other hand, each of the crimes of this case committed by the Defendant, who operated a siren business, demanded the payment of investment money from the existing investors in the course of operating the company by receiving investments from a large number of investors, and even if the Defendant received new investments from the victims and received new investments, made a "recovering the return" used for the repayment of investment money from the existing investors, the victims who were new investors.