[Defendant A] The lower judgment is reversed.

It is two years of imprisonment with prison labor for the crimes of No. 1, No. 2, and No. 3 of the judgment of the defendant.

1. Summary of grounds for appeal;

A. Defendant A 1) M& Q Co., Ltd. (hereinafter “ Q&C”) by mistake of facts

)T Co., Ltd. (hereinafter referred to as “T”) as a kind of special purpose corporation to administer the said real estate development project with respect to the implementation of the Mcaro real estate development project promoted by it;

(2) The lower court found the Defendant guilty of this part of the facts charged on the ground that there was no fact that the Defendant, on January 8, 2008, remitted the capital increase arising from Q’s capital increase through capital increase with the capital increase issued by Q to the account under the name of T and embezzled by arbitrarily using it. (2) The lower court found the Defendant guilty of this part of the facts charged on the ground that the lower court sentenced the Defendant to an unfair sentencing (five years of imprisonment with prison labor for the crimes No. 1, No. 2, and No. 3, No. 3, and 6 months of imprisonment with prison labor for the crimes No. 3,

B. Defendant D1) misunderstanding of facts and misunderstanding of legal principles are limited to the fact that the Defendant introduced U to Q Q without any economic cost upon receiving a request from A to introduce investors to participate in the capital increase with capital increase by Q, and there was no fact that the Defendant was involved in the investment return guarantee agreement and the provision of cash security KRW 600 million.

B) Although Q did not report and disclose the investment return guarantee agreement and the joint and several sureties with Q to the electronic disclosure system under the condition that U would participate in the third party allocation of investment profits, the Defendant could not be a joint principal offender of the crime of violating the former Securities and Exchange Act because Q would not be an executive officer or employee of Q, or a shareholder. C) Q would not be a joint principal offender of the crime of violating the former Securities and Exchange Act if Q did not participate in the third party allocation of investment profits at the time of January 8, 2008. The investment profit guarantee agreement was a type of loan. The investment profit guarantee agreement was a type of loan, and at the time of the above investment profit guarantee agreement, the amount of KRW 60 million as cash as security was provided to U and Q did not have any risk of damage to Q. It was caused by the investment profit guarantee agreement in collusion with A and B.