The judgment below is reversed and the case is remanded to Seoul High Court.

The grounds of appeal are examined.

1. As to the grounds of appeal Nos. 1 and 2 by the plaintiffs

A. According to the reasoning of the lower judgment, the lower court: (a) based on the evidence of employment, established a securities consignment account with the Defendant, a stock company for the purpose of investment brokerage, etc.; and (b) concluded an agreement with the Defendant’s head of the FPB team and E working as the head of the above F branch; (c) E, upon being entrusted with investment from the Plaintiffs, to guarantee certain profits like a bank (hereinafter “instant agreement”); and (d) E, upon receiving an investment from the Plaintiffs under the instant agreement, managed the investment money by means of realizing the relevant beneficiary certificates at maturity or transferring or taking over the beneficiary certificates of the fund to which others are affiliated; (e) the funds invested through E from 2005 to 2009 to 209, including the Plaintiff’s total amount of KRW 1,823,709,700,531,000; and (e) the Plaintiff’s funds recovered as KRW 1,47,698,786,789,79,79, Jul. 27, 2008.