All appeals filed by the defendant and prosecutor are dismissed.

1. Summary of grounds for appeal;

A. The punishment of the lower court (two years of imprisonment) is excessively unreasonable.

B. The prosecutor’s sentence of the lower court is too unhued and unreasonable.

2. Determination

A. It is an element of sentencing favorable to the Defendant that the Defendant had no previous conviction and led to the confession of the instant crime, and that part of the interest has been paid to the victims. The Defendant recommended the victims who were in a close friendly manner due to school creation, etc. by taking advantage of the status of employment in a securities company for the purpose of repaying their debts from the beginning, and acquired money or embezzled, and the victims are many victims and the amount of damage has reached a considerable amount of KRW 20 million, which is a factor of sentencing unfavorable to the Defendant.

In full view of the Defendant’s age, character and conduct, the motive, means and method of the instant crime, and the circumstances after the crime, etc., the lower court’s punishment is too heavy or unreasonable.

B. Therefore, the above assertion by the defendant and prosecutor is without merit.

3. In conclusion, the appeal by the defendant and the prosecutor is dismissed in accordance with Article 364(4) of the Criminal Procedure Act, since all of the appeal by the defendant and the prosecutor are without merit. It is