The defendant's appeal is dismissed.

1. The sentence imposed by the court below (six months of imprisonment) is too unreasonable.

2. The judgment of this case is a case where the defendant, who is an employee of a securities company, has invested in ELW at his own discretion, borrowed KRW 13.5 million under the pretext that the loss incurred after having been invested in the ELW (stock-backed securities), and transferred the amount of KRW 20 million to another investor's securities account in order to compensate for the loss of the shares of other investors he managed by him within 2-3 days, and obtains it by means of having the victim transfer the amount of KRW 20 million to another investor's securities account in order to compensate for the loss of the shares of other investors. It is a sentencing factor favorable to the defendant.

However, the Defendant acted as if there is no problem in the repayment of the victim's money and stocks, such as the amount of losses incurred by failure to repay the victim's money with personal property or financial institution loans and the amount of debt up to KRW 100 million, etc., and borrowed money from the victim. In addition, the Defendant transferred the victim's shares at the request for compensation of other investors' losses, thereby allowing the victim to repay the victim's obligations on behalf of the victim, thereby allowing the victim to repay the victim's obligations on behalf of the victim. After which the victim's demand for compensation of losses is made arbitrarily, the Defendant used the victim to gather the disadvantageous moment by preparing and delivering a certificate of confirmation of the contents of promising repayment in the victim's name in his/her own name, who is friendly with his/her own request for compensation for losses, and above all, the Defendant did not pay any damage to the victim. It appears that the Defendant's age, character, behavior, motive, motive, and crime