All appeals are dismissed.

The grounds of appeal are examined.

1. On the grounds of the prosecutor’s appeal, the lower court acquitted the Defendants on the charges (excluding the guilty part) on the grounds that there was no proof of crime, on the grounds of its stated reasoning.

The judgment below

Examining the reasoning in light of the relevant legal principles and the record, the lower court did not err in its judgment by exceeding the bounds of the principle of free evaluation of evidence in violation of logical and empirical rules, or by misapprehending the legal doctrine on the establishment of a crime of violation of the Financial Investment Services and Capital Markets Act due to the intentional acquisition and embezzlement of a crime of violating the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Embezzlement) and the intentional act of market price manipulation, joint principals, and determination of

The Prosecutor appealed the entire judgment of the court below, but did not state the grounds of appeal as to the guilty portion in the petition of appeal or the grounds of appeal.

2. As to the grounds for appeal by Defendant A and B, the lower court convicted Defendant A and B of the facts charged (excluding non-criminal part) with respect to Defendant A and B on the grounds as indicated in its reasoning.

The judgment below

Examining the reasoning in light of the relevant legal principles and evidence duly admitted, the lower court did not err in its judgment by exceeding the bounds of the principle of free evaluation of evidence in violation of logical and empirical rules, or by misapprehending the legal doctrine on intent of unlawful acquisition and embezzlement in violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Embezzlement), the custodian’s status, the unconstitutionality of Article 447(1) of the Financial Investment Services and Capital Markets Act, the principle of prohibition of disadvantageous alteration, and the principle on joint principals, etc.

3. According to the record as to Defendant C’s appeal, Defendant C did not submit a petition of appeal to the lower court. Defendant C submitted a written statement of “written reason for appeal” to the Supreme Court on November 10, 2020 when the filing period for appeal was past.

Even if the appeal is filed as a final appeal, the appeal has been filed after the right to appeal has been extinguished.

4. Therefore, all appeals are to be filed.