1. As to the Defendant’s ground of appeal

Examining the reasoning of the judgment below in light of the evidence duly adopted by the court of first instance, the court below was just in finding the Defendant guilty of violating the Financial Investment Services and Capital Markets Act due to the violation of the duty to report stocks held in bulk, among the facts charged in the instant case on the grounds stated in its reasoning, and there was no error of violation of the principle of free evaluation of evidence

2. As to the Prosecutor’s ground of appeal

According to the reasoning of the judgment below, the court below affirmed the judgment of the court of first instance which acquitted the defendant on the ground that the violation of the Financial Investment Services and Capital Markets Act due to the price adjustment among the facts charged in this case constitutes a case without proof of crime.

Examining the reasoning of the lower judgment in light of the record, the lower court’s aforementioned determination is justifiable. In so doing, it did not err by exceeding the bounds of the principle of free evaluation of evidence inconsistent with logical and empirical rules,

Meanwhile, the prosecutor also states the guilty portion of the judgment of the court below, but the petition of appeal or the appellate brief does not state the grounds of appeal on this part.

3. Conclusion

Therefore, all appeals are dismissed. It is so decided as per Disposition by the assent of all participating Justices on the bench.

Justices Lee In-bok

Justices Kim Gin-young

Chief Justice Lee Dong-won