The defendant's appeal is dismissed.

1. Summary of grounds for appeal;

A. The lower court erred by misapprehending the legal doctrine on factual mistake or by misapprehending the legal doctrine, but did not prove in collusion with accomplices the total amount of KRW 3,334,160,220, the Defendant was subject to aggravated punishment by applying Article 443(1) of the former Financial Investment Services and Capital Markets Act (amended by Act No. 12947, Dec. 30, 2014; hereinafter “former Capital Market Act”) to the Defendant, rather than Article 443(2)2 of the former Capital Market Act.

The court below erred by misapprehending the facts or by misapprehending the legal principles, which affected the conclusion of the judgment.

B. The sentence sentenced by the lower court to the Defendant (one year and six months of imprisonment) is too unreasonable.

2. Determination

A. According to the evidence duly adopted and examined by the court below, as to the assertion of misunderstanding of facts or misapprehension of legal principles, the facts are sufficiently recognized that the defendant obtained unjust gains of KRW 3,334,160,220 in total by manipulating the share price of the Co-Defendant B, etc. (hereinafter “M”) in collusion with Co-Defendant B, etc. of the court below, and thus, it is reasonable for the court below to punish the defendant by applying Article 443(2)2 of the former Capital Market Act (the details of calculation of unjust gains are specifically stated in the 1042 page of the investigation record).

Therefore, the defendant's defense counsel cannot accept this part of the defendant's assertion. The defendant's defense counsel argues that the share price increase due to the public disclosure such as the third party allocation capital increase plan should be deducted from the above unfair profit amount after the conclusion of the trial proceedings.

However, according to the aforementioned evidence, the disclosure, such as the plan to increase the capital for a third party of M on June 24, 2014, was irrelevant to the Defendant’s and his accomplice’s manipulations.

As such, the above cannot be seen.