The judgment below

Of them, the part on Defendant B shall be reversed.

Defendant

B A person shall be punished by imprisonment for three years.

Defendant of the Prosecutor.

1. Summary of grounds for appeal;

A. The prosecutor 1) misunderstanding the facts and misunderstanding the legal principles as to Defendant B (A) and Defendant B, as a bond company, merely lent funds to N, which is the operator of M (hereinafter “M”). 1) The Defendant B, as a bond company, established the basis for promoting the increase of capital for consideration by lending money to N to N, resolving seizures, etc. established in M’s assets, and introduced AB, which is an increase of capital for consideration, to N, while providing support for KRW 2 billion, which is the cost of joint management, to which N and AB provided support to N to jointly manage M. (3) The Financial Supervisory Service, as well as the Financial Supervisory Service, took part in the specific market price manipulation and received money from N and B to contribute to the increase of capital for consideration, and ultimately, Defendant B, along with N and AB, took the core role in leading the entire process of the increase of capital for consideration of M as a joint principal offender, and obtained economic profits through this.

Defendant B, who was in charge of this role, agreed that N and AB jointly manage M, but did not enter it in the securities report, and knew that the purpose of use for the capital increase for the securities report was less than anyone who falsely entered in the securities report, and even if not directly shared the specific execution activities on the preparation of the securities report, the joint principal offender for the entire crime, including this part, should be held liable.

In addition to such criminal history, on the ground that there is no specific evidence that Defendant B participated, Defendant B used a securities report containing the omission of the contents of a joint management agreement between AB and N, which is part of a series of illegal acts related to the increase of capital for consideration, and made a false statement or indication on the purpose of the use of the increased capital for consideration.”