All appeals are dismissed.

The grounds of appeal are examined (to the extent of supplement in case of supplemental appellate briefs not timely filed).

1. As to Defendant A’s ground of appeal

A. The court below found Defendant A guilty of the violation of the Financial Investment Services and Capital Markets Act of the Act on External Audit of Stock Companies and the violation of the Act on Prohibition against Unfair Trading, on the ground that, in collusion with D as the representative director of P Co., Ltd. (hereinafter “P”), Defendant A prepared a false financial statement for the fiscal year 2010 by understating the sales cost or omitting bad debt depreciation expenses, and made it public, as seen above, Defendant A received KRW 9,912,954,00 of the paid-in capital increase by using a securities report and an investment explanation meeting accompanied by the false financial statement for the fiscal year 2010, and received KRW 9,912,954,00 of the paid-in capital increase with the above amount.

The judgment below

Examining the reasoning of the lower judgment in light of the relevant legal principles and the evidence duly admitted, the lower court is justifiable, and contrary to what is alleged in the grounds of appeal, there were no errors by exceeding the bounds of the principle of free evaluation of evidence against logical and empirical rules, or by misapprehending the

B. Examining the reasoning of the lower judgment in light of the relevant legal principles and the evidence admitted by the lower court, it is justifiable for the lower court to have convicted Defendant A of KRW 1 billion out of the charges of violating the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Embezzlement). In so doing, contrary to what is alleged in the grounds of appeal, the lower court did not err by misapprehending the legal doctrine on "illegal acquisition

(c) The Financial Investment Services and Capital Markets Act;