The appeal is dismissed.

The costs of appeal are assessed against the Plaintiff.

The grounds of appeal are examined (to the extent of supplement in case of any statement in the supplemental appellate brief not timely filed).

1. As to the first ground for appeal, a financial investment business entity shall grasp information about the investment purpose, status of property, experience in investment, etc. of an ordinary investor through interviews, inquiries, etc. before recommending an ordinary investor to make an investment, and shall not make an investment recommendation deemed inappropriate for the ordinary investor in light of the investment purpose, status of property, experience in investment, etc. of the ordinary investor (hereinafter “Capital Markets Act”).

() Article 46(2) and (3) of the Act. The lower court, based on its stated reasoning, determined that it was difficult to view that each specific money trust contract (hereinafter “each of the instant trust contracts”) concluded with the Plaintiff, which the Defendant solicits to enter into and operate each of the instant specific money trust contracts (hereinafter “each of the instant trust contracts”) with the terms and conditions that the Defendant would make an investment in and operate the corporate bills issued by ELA Construction Co., Ltd. (hereinafter “ELD Construction”) in light of the Plaintiff’s investment purpose, financial status

The judgment below

Examining the reasoning in light of the relevant statutes and the records, the above determination by the court below is just, and contrary to the allegations in the grounds of appeal, it did not err by recognizing facts contrary to logical and empirical rules, by misapprehending the legal principles as to the suitability principle, omitting judgment,

2. Regarding ground of appeal No. 2

(a) A financial investment business entity shall, when it makes an investment recommendation to an ordinary investor, explain the details of the financial investment instruments, the risks involved in the investment, and other matters prescribed by Presidential Decree so that the ordinary investor can understand, and make a reasonable decision on investment of investors.