The defendant's appeal is dismissed.

1. Summary of grounds for appeal;

A. misunderstanding of facts and misunderstanding of legal principles are the fact that the victims first want to make an investment in the business in which the defendant was in progress, and there was no fact of deceiving the victims as stated in the facts charged in this case, by deceiving them, and there was an intention or ability to return the investment money received from the victims, and thus, fraud cannot be established against the defendant.

B. The sentence imposed by the lower court (=one and a half years of imprisonment with prison labor for a total term of four years and six months (two years and six months of imprisonment) is too unreasonable.

2. Determination

A. The following circumstances can be acknowledged by the lower court’s argument of mistake of facts and misapprehension of legal principles: (i) the victims consistently stated from an investigative agency to the lower court that they were subject to fraud as stated in the facts charged in the instant case; (ii) there is no circumstance to suspect the credibility of such statement; (iii) the Defendant stated to the effect that all of the crimes were led to confession of all of the crimes committed with respect to the part transferred from the relevant victim to the account among the crimes in the instant case, excluding the part of the list of crimes in 2016Da5594; and (iv) the part of the crime in the instant case, 2016Da4471; and (iii) the record of evidence reveals that the Defendant did not have any financial capacity as credit bad credit holder at the time of the instant case; and (v) the Defendant did not normally operate its business performance as well as sales or sales, including, but not limited to, H&D Co., Ltd. operated by the Defendant, an accomplice, to the victims; and (v) the Defendant did not pay interest or investment profits to the victims up to 47.