Defendant shall be punished by a fine of seven million won.

If the defendant does not pay the above fine, KRW 100,000.

Criminal facts

No one shall engage in financial investment business without obtaining authorization therefor.

The Defendant sold 100,00 shares of F, which are non-listed shares, to E, on March 8, 2016, and 1,664,150 shares of the same shares to the above E on March 30, 2017, respectively, on March 30, 2017, without obtaining authorization for a financial investment business, and from March 4, 2017 to March 4, 2017, the Defendant purchased or sold the shares of 148,00 shares from G to January 6, 2017.

Summary of Evidence

1. Partial statement of the defendant;

1. A written request for investigation;

1. Inquiry about the methods of operation of D, etc.;

1. Application of Acts and subordinate statutes on transaction details;

1. Relevant Article 44 of the Act and Articles 444 subparagraph 1, 11, and 6 (1) 1 of the Financial Investment Services and Capital Markets Act concerning criminal facts and the selection of fines;

1. Article 70(1) and Article 69(2) of the Criminal Act to attract a workhouse;

1. Determination on the assertion by the defendant and his/her defense counsel under Article 334(1) of the Criminal Procedure Act

1. Although the alleged defendant's trading of unlisted stocks is consistent, the defendant's trading of unlisted stocks is conducted through a securities account, and thus, it is not necessary to grant authorization required to investment traders under the Capital Market Act because it falls under Article 7 (6) 2 of the Financial Investment Services and Capital Markets Act (hereinafter "Capital Market Act").

2. Article 7(6)2 of the Capital Market Act provides that the other party to a transaction of financial investment instruments shall be excluded from the financial investment business when the other party to the transaction is an investment trader or the investment broker is involved in the transaction of financial investment instruments. In the case where the defendant traded non-listed stocks over several occasions using a securities company’s account as seen in this case, the securities company cannot be deemed the other party to the transaction of investment or the investment broker, and thus, the defendant’