증권거래법위반
The judgment of the court below is reversed.
Defendant
A shall be punished by a fine of 5,00,000 won and a fine of 10,00,000 won, respectively.
1. Summary of grounds for appeal;
A. (1) The Defendants’ contents of undisclosed information at issue in the instant case, i.e., mistake of facts or misapprehension of legal principles, are “the issuance of overseas bonds with warrants by F Co., Ltd. (hereinafter “F”) and entry into a new project based on the funds thereof.” Among them, if the decision to issue overseas bonds with warrants is disclosed, it can be sufficiently predicted that the general investors would enter a new project using the funds for the issuance thereof. Thus, the said information on January 13, 2007, which is the following day after the decision to issue the bonds
Therefore, it cannot be deemed that Defendant B and J used undisclosed information that purchased F shares after January 13, 2007.
Even if the above information is disclosed on March 8, 2007, as argued by the Prosecutor, Defendant B and J purchased F shares on the basis of an independent judgment, and did not use undisclosed information.
(2) The sentence against the Defendants (Defendant A: a fine of 5 million won, Defendant B: a fine of 10 million won) by the lower court is too unreasonable.
B. A prosecutor (1) misunderstanding of facts or misunderstanding of legal principles as to the calculation of the profits of the Defendants based on the co-offender relation in violation of Article 188-2 (1) of the former Securities and Exchange Act (amended by Act No. 8635 of Aug. 3, 2007 and repealed by Article 2 of the Addenda of the Financial Investment Services and Capital Markets Act (amended by Act No. 8635 of Feb. 4, 2009; hereinafter the same shall apply) and a person who received nonpublic information are in co-offender relation with the provider of nonpublic information and the person who received the information in case of allowing another person to use nonpublic information in order to obtain profits. The profits of Defendant B (the profits directly obtained by the Defendant B) using the information provided by the Defendant A shall be deemed to be the profits of Defendant A, and the profits of Justice
(B) Defendant B directly raises objection.