A. The lower court’s punishment against the Defendants (a fine of two million won) is too unreasonable.

B. The prosecutor (Defendant A) 1) misunderstanding of facts (the part not guilty in the original judgment) Defendant A is a stock company B (hereinafter “instant company”) for which Defendant A serves as a representative director.

Although the shares of the instant company held by the existing shareholders are acquired and sold to the complainants, and the above shares were paid from the complainants, only a receipt for subscription is issued to the complainants and the shares are not issued or the complainants are not listed in the register of shareholders. However, after the complaint of the instant case was filed, the complainants were listed in the register of shareholders as shareholders.

① Although the delay in the procedure due to the internal circumstances of the instant company was delayed, Defendant A’s demand for more than two years from the time when the complainant paid the purchase price of the instant company to Defendant A was in accordance with the empirical rule that it was difficult for the complainant to obtain the purchase price of the instant company’s shares from the time when the complainant paid the purchase price of the instant company to the time of the registration of the shareholder registry; ② Defendant A stated that it was intended to purchase the instant company’s shares from the existing shareholders and sell them to the complainant; but in fact, Defendant A used the money received from the complainant for other purposes, such as the company’s operating funds, etc.; ③ there was no money to purchase the shares from the existing shareholders; ③ Defendant A purchased the instant company’s shares from the existing shareholders from September 3, 2009 to May 2, 2012; however, the said amount appears to have been less than the amount received from the purchaser, including the complainant, for the purchase price of the instant company’s shares; and in light of the fact that the difference was used as the purchase price for the instant company’s shares.