All appeals are dismissed.

The grounds of appeal are examined.

1. Examining the reasoning of the Defendant’s appeal in light of the relevant legal doctrine, the lower court did not err by misapprehending the legal doctrine as to Article 1(2) of the Criminal Act, which applied Article 443(1)4 and 5 of the former Financial Investment Services and Capital Markets Act (amended by Act No. 11845, May 28, 2013), which was a law at the time of the act, with respect to each of the facts charged in the instant case, pursuant to Articles 1(1)3 and 176(1)1 of the said Act.

According to the records, while filing an appeal against the judgment of the court of first instance, the defendant alleged misunderstanding of facts and misunderstanding of legal principles along with the sentencing unfair on the grounds of the appeal, but at the fourth trial date of the court below, withdrawn the allegation of the reasons for appeal as to mistake of facts and misunderstanding of legal principles. Thus, the judgment of the court below which did not determine the defendant's acquittal

2. Examining the reasoning of the prosecutor’s appeal in light of the relevant legal principles, the lower court did not err by misapprehending the legal doctrine on additional collection in the lower judgment, on the ground that it was impossible to calculate the profit accrued from the Defendant’s act of running the market price.

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