All appeals by the Defendants are dismissed.

1. Summary of grounds for appeal;

A. Defendant B was unaware of the fact that the instant public offering transaction was made.

B. In light of the legal principles, H Bank, in which the Defendants were engaged, acquired shares by making an offer for the instant public offering on its name and on its account, and thereby acquired profits from the market price. The H Bank, which was called “re-sale” to the HF Investment Company.

This does not constitute an investment brokerage business, which is one of the financial investment businesses defined as the subject of authorization by the Financial Investment Services and Capital Markets Act (hereinafter “Capital Markets Act”).

C. The sentence imposed by the lower court on the Defendants (a fine of five million won) is too unreasonable.

2. Determination

A. Regarding Defendant B’s assertion of mistake of facts, the evidence duly adopted and examined by the court below, and in particular, according to the witness A’s statement at the court below, it is reasonable to view that Defendant B was aware of the relationship between HB and HB Investment Co., Ltd., which he was the representative director.

B. As to the Defendants’ assertion of legal principles, Articles 44 subparag. 1 and 11 of the Financial Investment Services and Capital Markets Act punish a case where a financial investment business is engaged in without authorization for a financial investment business. In this context, the term “financial investment business” includes an investment brokerage business as an act conducted continuously or repeatedly for the purpose of earning a profit (Article 6(1)2 of the same Act), and the term “investment brokerage business” means the business of selling and purchasing financial investment instruments, soliciting offers, offering, accepting offers, or soliciting offers, offering, and accepting offers for the issuance and underwriting of securities on another person’s account in whose name the name the name the “investment brokerage business” refers to the business of selling and purchasing financial investment instruments, soliciting offers, offering, accepting offers, and accepting offers (Article 6(3)2 of the same Act). The Defendants asserted as the grounds for appeal on this part at the lower