The defendant's appeal is dismissed.

1. The main point of the grounds for appeal is that the sentence imposed by the court below (four years of imprisonment) is too unreasonable.

2. In light of the judgment, the defendant stated that he confessions the crime of this case and reflects his mistake in depth, the fact that he paid the victims totaled KRW 400 million as the source of investment revenue prior to the prosecution of this case, there is no penalty power, the victims are also responsible for the occurrence of crime or the expansion of damage, and the fact that the current state of health of the defendant is not good, etc. are recognized as favorable circumstances for the defendant.

However, the crime of fraud of this case committed by the defendant is a crime committed by deceiving 1,00,000 won in total from 12 victims continuously and repeatedly through a similar method over a period of up to 2 years and 6 months. In light of the content, method, and degree of damage, etc. of the crime, the nature of the crime is significant. The victims have not been recovered from full damage up to now, and the possibility of full damage reimbursement has not been made up in the future. During the investigation by the investigative agency, it seems that the defendant was arrested by the warrant of arrest of the court. The court below seems to have determined the punishment within the range of the recommended sentence set by the sentencing guidelines, taking full account of various circumstances of the defendant, and there is no special change in circumstances to reduce the sentence of the court below. The defendant's age, character, intelligence and environment, motive, means and consequence of the crime of this case, the frequency and period of the crime, the victim's relationship with the victim, the circumstances after the crime, the defendant's family relation, the defendant's health condition, etc. are inappropriate.