The defendant's appeal is dismissed.

1. The decision of the court below on the gist of the grounds for appeal (the penalty amounting to KRW 30 million) is too unreasonable.

2. The circumstances favorable to the Defendant are as follows: (a) the Defendant did not have any history of any particular criminal punishment for a violation of the Financial Investment Services and Capital Markets Act (hereinafter “Financial Investment Services and Capital Markets Act”), except once a fine is imposed on the Defendant for a violation of the said Act; and (b) the Defendant reflects the instant crime.

However, the instant crime committed by the Defendant, without obtaining authorization from the Financial Services Commission, is an offense that undermines the legislative intent of the Financial Investment Services and Capital Markets Act to protect investors in the capital market and foster a sound financial investment business; the instant crime is not short of the period of the instant crime; the amount of the crime is relatively small; the profits acquired from the instant crime are deemed to be considerable; and other all the sentencing conditions in the instant argument, including the Defendant’s age, sexual behavior, environment, and family relationship, it is difficult to view that the sentence imposed by the lower court is too excessive and unfair.

3. In conclusion, the defendant's appeal is dismissed in accordance with Article 364 (4) of the Criminal Procedure Act on the grounds that the defendant's appeal is without merit. It is so decided as per Disposition.