The defendant's appeal is dismissed.

1. Summary of grounds for appeal;

A. Error or misunderstanding of legal principles 1) With respect to the establishment of a market price manipulation and public offering, the Defendant: (a) recommended stocks of the Co., Ltd. to the Co., Ltd.; and (b) decided that the Co., Ltd. had a low corporate value by means of an objective investment index analysis including financial statements, corporate search, etc.; and (c) did not engage in abnormal trading such as stock price manipulation for the purpose of gaining profit. Since February 2, 2015, the stocks of the Co., Ltd., the Defendant last sold the stocks to the Co., Ltd., for a considerable period of time after the Defendant’s last sold the stocks; (b) there was no investor who had been reported unfair trading during the stock trading period with the Defendant, or did not caused any injury to the Defendant’s market warning system. The Defendant and Co., Ltd. purchased the stocks of Co., Ltd., Ltd., unlike the expected share price increase, and instead, the Defendant did not have any reason for calculating the Defendant’s unjust profits from Co. 2’s calculation of the instant stock price manipulation (3).

B. The lower court’s sentence on the Defendant of unreasonable sentencing (two years of suspended sentence for one year of imprisonment, two years of additional collection charges, 619 won) is too unreasonable.

2. Determination

A. Determination of misunderstanding of facts or misunderstanding of legal principles 1) Relevant legal principles relating to market price manipulation and establishment of conspiracy.