The judgment of the court below is reversed.

Defendant shall be punished by a fine of KRW 3,000,000.

The above fine shall not be paid by the defendant.

1. Summary of grounds for appeal;

A. In light of the legal principles, the Defendant was only engaged in multiple occasions of stock trading with the authority delegated by B1 and did not conduct stock trading by obtaining investment from a large number of investors and dividing it into “by investor”. Therefore, the Defendant’s act does not constitute a discretionary investment business under the Financial Investment Services and Capital Markets Act (hereinafter “Capital Markets Act”).

In addition, since the Defendant primarily traded shares from September 2008 to December 2008, the Capital Markets Act was enforced on February 4, 2009, the Capital Markets Act does not apply to the Defendant’s act.

Nevertheless, the court below found the Defendant guilty of the facts charged of this case. The court below erred by misapprehending the legal principles, which affected the conclusion of the judgment.

B. In light of the various sentencing conditions in the instant case of unfair sentencing, the lower court’s sentence against the Defendant (a fine of four million won) is too unreasonable.

2. Determination

A. As to the assertion of misapprehension of the legal doctrine, “financial investment business” under Article 6(1) of the Financial Investment Services and Capital Markets Act refers to an act conducted continuously or repeatedly for the purpose of earning a profit, such as a collective investment business, “collective investment business” and “daily investment business” under Article 6(4) and (5) of the Financial Investment Services and Capital Markets Act. “collective investment business” refers to a collective investment business that engages in collective investment business. “collective investment business” refers to a business that engages in two or more persons, without being ordered by investors or fund management entities, to make investment recommendations, and manage assets with property value, such as money, by acquiring, disposing of, or by any other means, and distributing the results thereof to investors or fund management entities. Article 6(7) of the Financial Investment Services and Capital Markets Act provides that “The “private investment business” is wholly or partially authorized by investors to make decisions on investment in financial investment instruments.