The defendant's appeal is dismissed.

1. The punishment of the court below (two years and six months of imprisonment) is too unreasonable in light of the family environment of the defendant and the fact that the defendant did not commit each of the crimes of this case in an intentional and planned manner, etc.

2. The circumstances favorable to the Defendant include: (a) the Defendant, as the first offender, divided each of the instant crimes, and made efforts to repay damage; and (b) the Defendant did not have any intent to repay from the beginning, and actually repaid a total of KRW 3.3 billion to the victims.

However, the above circumstances appear to have been fully reflected in the court below. Each of the crimes of this case is that the defendant deceivings the victims to raise profits on the ground of the processing's investment source for the purpose of using them for the expansion of his business, and later investments are made by inducing the victims to make payments of profits, and the crime is not good. The amount of obtaining money by deceiving other victims to make up for it, and the amount of obtaining money by deceiving the victims of this case is 3.8 billion won or more, and a considerable amount of the money returned to the victims is ultimately appropriated as the money by deceiving other victims, and even if the victims did not fully consider the return on investment or interest of the victims, it is very big amount exceeding 50 million won which has not been recovered, and even if the court below's punishment conditions for sentencing specified in this case, such as the defendant's age, character and behavior, environment, motive, means and consequence of the crime, etc., are considered, it is not unreasonable to impose punishment on the court below.

3. In conclusion, the defendant's appeal is dismissed in accordance with Article 364 (4) of the Criminal Procedure Act since it is without merit. It is so decided as per Disposition.