2018Do8443 Violation of the Financial Investment Services and Capital Markets Act

A person shall be appointed.

Defendant

Law Firm (LLC) B

Attorney C, D, E, and F

Attorney G.

Law Firm (LLC) H

Attorney I, J, K, L, M, N,O

Seoul High Court Decision 201852 Decided May 17, 2018

October 25, 2018

The appeal is dismissed.

The grounds of appeal are examined (to the extent of supplement in case of supplemental appellate briefs not timely filed).

The lower court convicted the Defendant of the facts charged in the instant case (excluding the part on acquittal of the reasoning). Examining the reasoning of the lower judgment in light of the relevant legal doctrine and evidence duly admitted, the lower court did not err by exceeding the bounds of the principle of free evaluation of evidence inconsistent with logical and empirical rules, failing to exhaust all necessary deliberations, by exceeding the bounds of the principle of free evaluation of evidence inconsistent with logical and empirical rules, by misapprehending the legal doctrine on the application of loss and punishment provisions, material nonpublic information, and identity of the facts charged, or by misapprehending the principle

The Defendant asserts that, when calculating the loss avoidance amount, the lowest price formed for the first time after the disclosure of material nonpublic information should not be calculated on the basis of the closing price, but on the basis of the time when the share price is stable after the disclosure of the pertinent information to the market. However, the Defendant withdrawn the grounds for appeal as to the method of calculating the loss avoidance amount during the second trial of the lower court. This part of the grounds for appeal is asserted only in the final appeal that the Defendant either deemed the grounds for appeal or was not subject to ex officio determination by the lower

Therefore, the appeal is dismissed. It is so decided as per Disposition by the assent of all participating Justices on the bench.

Justices Lee Dong-won

Justices Cho Jong-hee

Justices Kim Jae-hyung

Justices Min Min-young