The defendant's appeal is dismissed.

1. The summary of the grounds for appeal (unfair sentencing) of the lower court’s punishment (three years of imprisonment) is too unreasonable.

2. The circumstance is favorable to the defendant that the defendant recognized his criminal act, part of the money was paid to the victims under the pretext of acquiring dividends, etc., and that the defendant does not want the punishment of the above victims under the agreement with the victim J, I and U.

On the other hand, the crime of this case is committed by deceiving a large number of unspecified victims without intent or ability to carry out the collection business of this case by inducing them to guarantee their profits, thereby deceiving them a total of 1,068,00,000 won as investment funds, and committing similar receiving business without obtaining permission, etc., and thus, the crime of this case is highly poor in quality in light of the following: the defendant has the record of criminal punishment for the same type of crime even before the crime of this case was committed; the defendant has the record of being punished for the same type of crime; most damages have not been recovered to the appellate court; and it is difficult to expect recovery in the future; the punishment imposed by the court below is close to the lower limit of the recommended sentence (two to six years of imprisonment) according to the sentencing guidelines of the Supreme Court on the crime of this case by the fraud of this case.

In addition, comprehensively taking account of the circumstances leading up to the instant crime, the Defendant’s age, sexual conduct, environment, etc., and various sentencing conditions as shown in the instant records and arguments, the lower court’s punishment is too unreasonable, and thus, the Defendant’s assertion is without merit.

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