Defendant shall be punished by a fine of KRW 20,000,000.

The above fine shall not be paid by the defendant.

On January 28, 2011, the Defendant transferred D’s management rights to G, and sold D’s stocks to G at the request of G as the facts charged.

When G acquires the right of management, the defendant believed that D's capital erosion is resolved and D's listing is maintained.

The Defendant sold shares as stated in the facts charged in order to raise business funds and repay borrowed money although D had been in existence of a rise in the share price.

Ultimately, the Defendant did not sell shares by using undisclosed information.

The first instance court erred by misunderstanding the facts and misunderstanding the legal principles, thereby pronounced guilty against the Defendant.

2. Judgment on the defendant's assertion

(a) In a stock transaction, the information is an important factor in determining terms and conditions of the transaction, such as whether the transaction was conducted, trading volume, and transaction value, and if there was no such information, it constitutes an act of using the information if it would have made another decision without such information, and it may be recognized as an act of using the information, not solely due to such information, but even if it was merely a single factor leading to the

In addition, it is reasonable to see that a transaction was made using the information, unless there are special circumstances, in the event that the transaction was made under the recognition of material nonpublic information.

B. 1) In full view of the following circumstances that can be recognized by the evidence duly admitted and investigated by the first instance court and the first instance court, the instant undisclosed information served as one of the factors in which the Defendant sold D stocks in large quantity.

As can be seen, the defendant's intention on the use of undisclosed important information can be recognized.