All appeals filed by the defendant and prosecutor are dismissed.

1. Summary of grounds for appeal;

A. Although the Defendant caused a loss due to the Defendant’s mistake in investment, the Defendant had revenue of KRW 50 million per month at the time, and the cash assets had approximately KRW 1 billion. However, there was intent and ability to guarantee the principal even if the Defendant incurred a loss.

B. The sentence sentenced by the court below (one hundred years of imprisonment) is too unhued and unreasonable.

2. Determination

A. We examine the defendant's assertion, and comprehensively consider the following facts and circumstances that can be recognized by the evidence duly adopted and investigated by the court below, it can be sufficiently recognized that the defendant knew that the defendant would not be able to guarantee the principal against the victim at the time of the instant case, but could not be able to guarantee the principal. The defendant's assertion is without merit.

1) In light of the Defendant’s career, it is difficult to determine whether a stock investment has a profit by itself, and there is a considerable risk that the Defendant would have been well aware of the uncertainty, risk, etc. of the said stock investment. Nevertheless, the Defendant appears to have promised to guarantee principal from many people, including the victim of this case, and have used the same as a share investment to a specific company on the basis of uncertain information without any separate hedging measures. (2) The Defendant appears to have suffered a big loss due to the said investment, and the Defendant could have failed to return principal to a large number of investors for the extended period of time, and at the time, the Defendant was sufficiently capable of having been able to a certain extent at the time.

Even if all investors, including the victims of the instant case, were not enough to return the principal of the investment to all investors.

3. The case.