The judgment below

Among them, the guilty part against Defendant B (including the part of innocence) and the embezzlement of business.

1. Summary of grounds for appeal;

A. The financial statements of the business year 2008 M Co., Ltd. (hereinafter “M”) for which the net profit or loss of the party is converted into black is converted from the processed sale of violation of the Financial Investment Services and Capital Markets Act through the issuance of privately placed bonds (such as misunderstanding of the facts) (hereinafter “the financial statements of this case”).

(2) At the time of the preparation and publication of the business report attached by the Plaintiff, the Plaintiff did not intend to issue the bonds of KRW 3 billion (hereinafter “the bonds of this case”). At the time of the company’s examination related to the issuance of the bonds of this case, the Plaintiff did not acquire the bonds of this case by deceiving the acquisition price of the bonds of this case with the intent to commit the crime of defraudation in collusion with Defendant B, and the Plaintiff did not have any relation with the acquisition of the bonds of this case even if the act of deception was recognized, the lower court erred by misapprehending the legal principles on the facts charged, and by misapprehending the legal principles.

B) The violation of the Financial Investment Services and Capital Markets Act due to the increase in paid capital, and the financial statements of the instant case are published and published, at the time of preparing and disclosing M’s stocks, the increase in paid capital (hereinafter “the increase in paid capital”).

(A) The instant financial statements were not scheduled. In the process of mandatory submission of financial statements for the business year prior to the time of the capital increase for consideration, the instant financial statements were attached to the investment statement, along with the half-yearly report of the business year 2009, and there was no intention to attract investors by submitting the instant financial statements to Defendant A.