The defendant's appeal is dismissed.

1. The sentence imposed by the court below (one year and six months of imprisonment) is too unreasonable.

2. The judgment of the Defendant seems to have led to the confession of the instant crime, which had been committed at low prices by acquiring I’s shares from I management, as an executive officer of the company I listed on the KOSDAQ of the company I (hereinafter “I”), and sought personal benefits.

The defendant seems to have deposited KRW 38 million against the representative director of I and returned all the substantial profits gained from the crime of this case.

On the other hand, the defendant, who has no record of criminal punishment, is still married to a person who has not been subject to criminal punishment, and has yet to support his/her spouse and father/child, who is a high school student, and his/her family, father/child, work club fees, etc. are growing as soon as possible so that the defendant can return to society.

However, the Defendant, as an executive officer of a financial company, received an opportunity to acquire gains by accepting the shares of the subject company at a low price through private use.

While the Defendant had evaluated I’s shares as KRW 5,00 per share while carrying out the listing day duty, the Defendant could anticipate the profits equivalent to KRW 60 million per share ( KRW 5,000 - KRW 20,000 per share) per share and in itself, the Defendant had agreed to acquire KRW 20,000 per share as well as KRW 60 million per share.

In the instant agreement, within one month following the listing of only 10,00 won, the remaining 10,00 won was paid after the listing six months, and the closing price on the date of listing was 7,800 won, and the closing price was 9,670 won after six months, etc., the Defendant as a securities specialist cannot be deemed to have any interest that the Defendant received from the I’s side in relation to his duties.

Since the fairness and integrity of duties are required for the executives and employees of a financial company, it is necessary to receive money and valuables in relation to their duties.