Each judgment of the first instance court on A and I shall be reversed.

Defendant

A and I shall be punished by imprisonment for each two years.

(b).

A. As to the violation of the Financial Investment Services and Capital Markets Act due to Defendant A’s mistake of facts and misapprehension of legal principles, as to the violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Embezzlement), Defendant A merely requested Defendant I, N, etc. to block shares of the stock company C (hereinafter “C”) held by Defendant A, but did not participate in or conspired with Defendant I, etc.; ② Defendant A’s violation of the Financial Investment Services and Capital Markets Act due to the secondary market price manipulation was conducted in normal transactions in order to prevent the price decline without the purpose of acquiring profits through the market price manipulation; ③ violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Embezzlement) was committed. Defendant A issued a promissory note to Defendant I to raise funds through the bill discount without the intention of embezzlement; ④ Defendant A’s violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Misappropriation) is merely a breach of trust without the intention of embezzlement, and thus, Defendant A’s intent to make the above promissory note settled with personal funds.

B. As to Defendant I’s violation of the Financial Investment Services and Capital Markets Act due to Defendant I’s primary manipulation of mistake, Defendant I did not agree with N et al. from the beginning, but did not actively interfere with N et al., and Defendant I merely participated in the violation of the Financial Investment Services and Capital Markets Act due to the secondary manipulation of price.