The judgment below

The part against the defendant shall be reversed.

A defendant shall be punished by imprisonment for ten years.

The facts charged of this case.

The main point of the grounds for appeal is that the part of the violation of the Financial Investment Services and Capital Markets Act by misunderstanding the facts of the Defendant or misunderstanding the legal principles, and the issuance of a certificate of custody or share swap issued by the Defendant to investors (hereinafter “certificate of custody, etc.”) is not included in equity securities under Article 4(4) of the Financial Investment Services and Capital Markets Act (hereinafter “Capital Markets Act”). Thus, the Defendant’s selling of the said certificate of custody, etc. to investors does not constitute the elements of the violation of the Capital Markets Act.

Even if the certificate of stock custody, etc. of this case constitutes equity securities under the Capital Market Act, the part of violation of each of the said capital market laws is guilty.

However, since the violation of capital law due to fraudulent illegal transactions and the violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Fraud) constitute several crimes, it is a regular competition relationship.

The defendant delivered KRW 50 million to BF on the pretext of solicitation of his criminal case, and invested KRW 1.6 million in BG stock companies operated by BF (hereinafter referred to as “stock companies”) and acquired it by fraud. As such, there was no intention to make a false report to an investigation agency or make a false testimony in court, and there was no intention to make a false report or false testimony.

Although the Defendant testified partially in the BF-related case, it was committed in the course of hiding that he was the principal offender, such as the act of receiving similar goods, and there was a purpose of conspiracying BF with regard to that part.

shall not be deemed to exist.

The lower court: (a) 2-based criminal facts of the instant case No. 2015 Gohap 628

B. In the part of “the crime committed on July 18, 2014,” “(the Defendant)” stated that “If the BF invests KRW 300 million, the Defendant testified that 30 million capital would have been acquired by deception by investing 30 million capital stock in the BG dispute settlement bank.”