All appeals are dismissed.

The grounds of appeal are examined.

1. Examining the reasoning of the lower judgment in light of the record, it is justifiable for the lower court to have rendered a not-guilty verdict on the facts charged of the instant case (excluding the guilty portion) on the grounds stated in its reasoning, deeming that there was no proof of

Contrary to the allegations in the grounds of appeal, the appeal did not err by exceeding the bounds of the principle of free evaluation of evidence against logical and empirical rules.

Meanwhile, although the prosecutor appealed against the entire judgment of the court below, the prosecutor did not state the grounds for appeal as to the guilty portion, nor did he state the grounds for appeal in the notice of appeal.

2. Examining the reasoning of the lower judgment on the grounds of the Defendant’s appeal in light of the evidence duly admitted by the lower court and the first instance court, the lower court was justifiable to have determined that the Defendant was guilty of the instant facts charged (excluding the part not guilty of the grounds for appeal) on

In so doing, contrary to the allegations in the grounds of appeal, the lower court did not err by exceeding the bounds of the principle of free evaluation in violation of logical and empirical rules, or by misapprehending the legal doctrine on the burden of proof or causal relation with the person who committed a violation of the Financial Investment Services and Capital Markets Act.

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