All appeals by the defendant and the prosecutor are dismissed.

1. On the summary of the grounds for appeal, the defendant asserts that the defendant is too unaffortable and unfair against the punishment sentenced by the court below (four years of imprisonment), and on the contrary, the prosecutor asserts that it is too unaffortable and unfair.

2. The judgment below seems to have sentenced the above punishment by taking into account the favorable circumstances, such as the fact that there was no history of punishment for the defendant as a crime of the same kind, that part of the damage was recovered or likely to be recovered, and that the defrauded amount exceeds 3 billion won, and that considerable damage was not recovered, etc., and the sentencing guidelines of the sentencing guidelines of the Supreme Court sentencing committee (4 to 7 years of imprisonment), etc.

Although there are circumstances such as the recognition of all criminal acts by the defendant when the defendant was in the trial, and the possibility of damage recovery is somewhat high due to the sale of part of the real estate owned by the defendant in the auction procedure, the sentencing judgment of the court below exceeded the reasonable limit of discretion when comprehensively considering such circumstances, the conditions for sentencing including those circumstances, the form of sentences, and the sentencing guidelines.

There is no other circumstance in which the lower court’s determination of sentencing is deemed unfair or unreasonable (see Supreme Court Decision 2015Do3260, Jul. 23, 2015, etc.). In addition, considering the character and conduct of the Defendant, family relation, the background and result of the instant crime, the circumstances after the instant crime, etc., the sentence of the lower court is appropriate, and it is not deemed unfair or too heavy.

3. In conclusion, the appeal by the defendant and the prosecutor is dismissed in accordance with Article 364 (4) of the Criminal Procedure Act, since all of the appeal by the defendant and the prosecutor are without merit.