The prosecutor's appeal is dismissed.

1. In light of various circumstances, such as the fact that the Defendant held most of the total outstanding shares of this case (94.5% of the total number of outstanding shares of this case) and the Defendant used a total of 28 accounts, such as a borrowed account under the name of the Defendant and his family members, the gist of the grounds for appeal (the fact-finding and the misapprehension of the legal principle) can be acknowledged that there was a purpose of inducing the purchase price of ordinary investors by misleading the Defendant as if he had formed a market manipulation for price price control for the sake of price control and as if he had formed a market depression.

2. Determination

A. The summary of the facts charged in the instant case is an ordinary investor, who purchased and owns 58,723 shares (94.5% of the total number of outstanding shares) of Ilsung Construction Co., Ltd. (hereinafter “Dasung Construction”) from December 31, 2010, the Defendant was willing to manipulate market prices through an expensive purchase order, etc. with a view to selling the shares at a higher price and taking profits from market prices by selling them at a higher price.

No one shall, however, make a mistake that the trading of listed securities or exchange-traded derivatives is booming, or make any other person make a false transaction with an intention to mislead any other person into making a wrong judgment.

Nevertheless, at around 14:14:00 on January 5, 201, the Defendant issued an order of high-priced purchase of 2,400 won per share of 50 won higher than the immediately preceding contract by using an account in the name of the Defendant opened at the NA branch of Hyundai Securities, and issued an order of high-priced purchase of 10 shares per share of 37,50 won higher than the other party and 10 shares per share of 50 won, and issued an order of high-priced purchase of 3,817 shares every time between January 5, 2011 and May 18, 201, in the same manner as indicated in attached Table 1, and between January 5, 2011 and May 19, 201.

On April 4, 201, the Defendant’s shares are issued by using the Defendant’s account in the name of D, his parent, opened at each nationwide branch of the Dongyang Securities around 08:37:05 at the time of the short market price of April 4, 201.