B and C shall be punished by imprisonment for three years, and by imprisonment for two years and six months, respectively.

except that this judgment.

"2014 Gohap314"

I. Defendants B, C, and D’s status and role are the head of W D D (hereinafter “W D”) and the head of X (hereinafter “X”) at around 2001. From around 1999 to October 27, 2004, Defendant B served as the representative director of AA (hereinafter “AA”) who was established in J-gu Seoul Metropolitan Government from March 9, 2005 to October 27, 201.

Defendant

C as the head of the AC school (hereinafter referred to as the "AC school") from March 9, 2005, is serving as the representative director of the AA from March 9, 2005, and Defendant D is in charge of accounting and financial affairs as the AA's management support office from March 2005 to March 2005.

Ⅱ Defendants B, C and D’s conspiracys

1. Violation of the Financial Investment Services and Capital Markets Act;

(a) No one shall run financial investment business without obtaining authorization from the Financial Services Commission, and no one shall conduct public offering or sale of securities unless an issuer files a report on public offering or sale of securities with the Financial Services Commission and the issuer files it with the Financial Services Commission;

Nevertheless, Defendant B, C, and D conspired with the Financial Services Commission, without obtaining authorization from February 5, 2009 to August 29, 2013, and conducted financial investment business by selling or selling AAA’s shares for the account of Defendant B, and the minority shareholders of AD DD D D D D D D D D D D D D D D’s shares (hereinafter “AD”) on a total of 17,038,658,556 won as shown in attached Table 1, as shown in attached Table 1.

Furthermore, Defendant B, C, and D in collusion with each other on February 5, 2009.