Among the judgment of the first instance, the guilty part against the defendant A, B, and C (including the innocent part against the defendant A) shall be respectively.

1. Summary of grounds for appeal;

A. Comprehensively taking account of the evidence submitted by the prosecutor (as to the acquittal portion), Defendant B and C have concluded a whitening agreement with the victims to the effect that they will repurchase their shares later when purchasing S Co., Ltd. (hereinafter “S”), Defendant B and C failed to meet the listing requirements. Defendant B and C was aware of the fact that the S’s financial stability was weak and did not normally take place around August 2008. Nevertheless, Defendant B and C mediated their shares for the purpose of gaining profits, such as brokerage commission, and Defendant A could sufficiently recognize the fact that the financial situation of S was verified to verify that there was a high possibility of listing against the purchaser of the shares through them, and acquired the shares by receiving them as stated in the facts charged by the victims.

B. The sentence of the first instance trial on unreasonable sentencing (for the defendants A, 4 years of imprisonment, 1 year of imprisonment, 6 months of suspended execution, 2 years of community service order, 80 hours of community service order, and 20 million won of fine) of the first instance trial on unreasonable sentencing (for the defendants A), is unreasonable.

나. 피고인 A ⑴ 사실오인 및 법리오해(유죄부분에 대하여) ㈎ 사기의 점에 대하여 ① S의 대표이사 T이 주식회사 U(이하 ‘U’라 한다)에 자신이 소유한 S 주식의 매매중개를 위임하였고, 이에 따라 U의 임직원들(피고인 D, 피고인 B, AA, AU, AS)과 이들로부터 S에 관한 현황을 들은 주식중개업자들(피고인 C, X, N, Q, K)이 주식매매를 중개한 것이다.

Defendant

On July 7, 2005, the Korea Technology Finance Corporation was unaware of the establishment of a pledge right to the shares held by T, and there was no request from Defendant B and C to dispose of shares separately or by investors in physical color, and only as management director of T is delegated to U.S.