Of the judgment of the court of first instance, the part against Defendant A and the conviction against Defendant A in the judgment of the court of second instance.

1. Summary of grounds for appeal;

A. (1) Defendants (1) and (1) of the lower judgment related to Defendant A (A) and 1 of the misunderstanding of facts or misunderstanding of legal principles

In light of the fact that most of the orders for high-priced purchase are low volume orders and most of the orders for high-priced purchase orders are orders, each of the instant orders is extremely normal and general forms, and the Financial Investment Services and Capital Markets Act (hereinafter “Capital Markets Act”).

(2) The Defendant does not constitute “a sale and purchase of securities,” as provided in Article 176(2)1, which misleads that the purchase and sale of securities would lead to the formation of a gender or a change in the market price.”

(D) Co., Ltd. (hereinafter “D”)

(G) Co., Ltd. (hereinafter “G”).

(3) In the case of a stock company among the above companies, the name of “stock company” is omitted, and only the name of “stock company” is specified as the name of the company when the above 14 companies are collectively named.

A) Although there was a fact that some of the companies recommended the purchase of C’s shares at a level that provides information on investment opportunities, there was no fact that C intended to buy the shares, it did not exercise any influence to the extent that C would have to purchase the shares. In other words, it is deemed that C’s paid-in capital increase

As C’s price drops, each of the instant companies is from January 6, 2016 to August 8 of the same month, which is the period for calculating the issue price of capital increase for the purpose of investment (hereinafter “the period for calculating the issue price of this case”).

Since C Shares have been voluntarily purchased, it is between the Defendant and each of the instant companies.