The judgment of the court below is reversed.

A defendant shall be punished by imprisonment for two years.

provided, however, that the sentence shall be imposed for three years from the date this judgment becomes final.

1. Judgment on the defendant's misconception of facts and misapprehension of legal principles

A. The summary of the assertion of misunderstanding of facts and misapprehension of legal principles (1) was long ago, and the Defendant has long been holding a foreign company, and was engaged in stock transaction by mixing the foreign securities account with the domestic securities account in accordance with the principle of fund management by the Defendant, and there was no conspiracy to make market manipulation and fraudulent illegal transactions in the stock transaction market by pretending to V, AC, AU, etc.

(2) The Defendant borrowed shares to V, AC, and AU for the purchase of shares or capital increase with a view to acquiring collateral therefor, and engaged in any over-the-counter transaction that does not affect the stock price at the time of purchase of shares, and engaged in any over-the-counter transaction that does not affect the stock price. As such, there was no intention to attract ordinary investors to trade in the stock transaction market.

(3) The Defendant borrowed money to V, AC, and AU, and only received interest at a certain rate, and did not intend to gain unjust profits or to change the market price. It cannot be said that there were frequent instances between private parties to enter into an agreement on the guarantee of windsury and engage in stock transactions, and only used a foreign securities account in the course of the Defendant’s fund management, and there was no agreement to use a foreign securities account with V, AC, AU, and BU, nor used a foreign securities account.

Since it cannot affect the stock market price, the defendant did not use a deceptive scheme in a stock transaction.

(4) The fact that companies run by V, AC, and AU agreed to guarantee the principal and interest of the Defendant does not constitute an important fact in fraudulent fraudulent transactions, and the duty of disclosure is only against V, AC, and AU, and there is no obligation of the Defendant to disclose, and there is no participation in the performance of the duty of disclosure by V, AC, and AU.

(5) Principal and interest.