Part of the judgment of the court below against Defendant A, excluding the part of the application for compensation order, Defendant B, D, and others.

1. Summary of grounds for appeal;

A. Defendant A1) False sales related to misunderstanding of the facts and misapprehension of the legal doctrine on the violation of the Financial Investment Services and Capital Markets Act (hereinafter “BV”) do not constitute “related to the instant increase of the capital for consideration,” and the entry of the securities registration statement, etc. in BV does not constitute a false entry into “unfair means” or “material fact”.

Defendant

A had not actively utilized BV sales for the increase of capital for consideration, so it was a “use” of unlawful means or false statements.

In addition, Defendant A did not intend to use unlawful means or “the intention or purpose to obtain gold or other property benefits” or “the intention or purpose to obtain economic benefits.”

2) misunderstanding the facts and misunderstanding the legal principles on the crime of violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Embezzlement) and using the funds of the AC Co., Ltd. (hereinafter “AC”) for the purpose of acquiring real estate, lending related persons, etc. However, it is sufficient to think that the payment period and interest will only be made by setting the due date and interest, but it did not seem to be embezzlement.

3) The punishment sentenced by the lower court to Defendant A (three years of imprisonment) is too unreasonable.

B. Defendant B (unfair sentencing)’s punishment sentenced by the lower court to Defendant B (two years of imprisonment) is too unreasonable.

(c)

Defendant

C1) In fact, Defendant C merely attempted to gain profits by taking advantage of the market price of AG and AO, and did not conspired to operate the market price.

2) The punishment sentenced by the lower court to Defendant C (two years of imprisonment, additional collection of KRW 65,860,502) is too unreasonable.

(d)

Defendant

D1) The Defendant D did not conspired with C, etc. to operate the stock market price.

B) Defendant D did not participate in the act of running the market price.

(C) The profits earned by Defendant D by selling stocks acquired by Defendant D through the participation in capital increase at the cost of AC and the conversion of converted bonds.