The defendant's appeal is dismissed.

1. The fact that the Defendant recognized each of the instant crimes and paid the victim R KRW 788,80,00 to the victim as interest, etc. is considered favorable to the Defendant.

Meanwhile, even though the amount of damage caused by the fraud of this case was the maximum amount of KRW 4370 million in total, the victims did not reach an agreement with the victims until the trial was held, there was no circumstance to deem that the victims were taking measures to recover damage other than the amount paid as interest, etc. during the criminal process as seen earlier, using the stolen money as the horse price, making use of the stolen money as a horse price, making it difficult to intentionally attend the investigation agency, and being arrested there are two times the record of having been sentenced to imprisonment due to the same crime, and the criminal facts in the holding of the court below need to be determined in consideration of equity between the crimes in which the judgment became final and the latter part of Article 37 of the Criminal Act and the concurrent crimes of Article 39(1) of the Criminal Act, and considering the circumstances such as the defendant's age, character and conduct, family relation, circumstances of the crime and motive, etc., the sentencing of the court below cannot be deemed to be unfair.

2. In conclusion, the defendant's appeal is dismissed in accordance with Article 364 (4) of the Criminal Procedure Act. It is so decided as per Disposition.