All appeals are dismissed.

The judgment below

The main part of the criminal facts and evidence falls under each of the original judgment.

The grounds of appeal are examined.

1. As to the Defendant A’s grounds of appeal, Article 188-4(4)2 of the former Securities and Exchange Act (amended by Act No. 8635, Aug. 3, 2007, repealed by Article 2 of the Addenda to the Financial Investment Services and Capital Markets Act, which was promulgated on February 4, 2009; hereinafter the same) prohibits Defendant A from seeking money or other benefits by making another person mistake by making a false representation on important matters concerning the sale and purchase or other transaction of securities or by using documents in which necessary facts are omitted.

The purpose of the former Securities and Exchange Act is to prevent fraudulent unfair trading as seen above is to protect individual investors' interests in securities trading and to protect investors' trust in the general securities exchange, thereby contributing to the development of the national economy. Thus, whether it is an act related to trading, such as trading of securities, etc., or whether it is false or not to acquire economic benefits shall be determined based on objective standards, comprehensively taking into account the status of the actor, the management status of the issuing company and the market price trend, all the circumstances before and after such an act, etc.

In addition, the term "important matters" in the above provision means matters that may have significant influence on the property management of the corporation in question, or affect investors' decisions on investment, which are necessary for fair securities and for the protection of investors, and is not merely to neglect a document with false or inadequate indication of such important matters when it was already disclosed through the electronic disclosure system of the Financial Supervisory Service without correction.