A. The Defendant, in collusion with E, etc. for factual misunderstanding and misapprehension of the legal doctrine, was from January 10, 201 to the same year.

2. Although the court below committed an act of operating the market price prohibited under Article 176 of the Financial Investment Services and Capital Markets Act with respect to the shares of F Co., Ltd. (hereinafter “F”), the court below erred by misapprehending the facts or by misapprehending the legal principles, thereby finding the fact that the defendant participated in the act of operating the market price, and therefore, did not constitute a joint principal offender.

The decision was determined.

B. The sentence sentenced by the lower court to the Defendant (one year of imprisonment, two years of suspended execution) is too unfluent and unfair.

2. Determination

A. misunderstanding of facts and misapprehension of legal principles 1) The motive for the crime and the conspiracy to commit the crime were recorded for three consecutive years as of June 2010, and the F related to the public offering was carried out a capital increase for consideration in the amount of KRW 1,400,000 on December 28, 2010 (the issue price of KRW 1,400,000,000,000,000,000,000 won (the issue price of new shares, the number of shares issued) in order to prevent a company from being listed by improving its financial structure in an unsound state as of November 23, 2010.

In the process of capital increase in E, L, M, N,O, P, etc., certain shareholders renounced capital increase for consideration and caused about 5.27 million won forfeited shares, thereby raising funds, and success in the capital increase in the method of allocating a third party for forfeited shares equivalent to approximately KRW 5.27 million in total of the payment amount, and continued to increase the share price through market price manipulation, and thereafter holding the above forfeited shares in advance.

F's disposal of the F's stocks, etc. to acquire marginal profits from market price.

Accordingly, E shall invite investors to participate in the increase of capital for consideration through the defendant and L, and at the same time request a market price pilot, etc. to support the market price, and the defendant shall participate in the increase of capital for consideration upon the request of E.