All appeals by the defendant and the prosecutor are dismissed.

1. Summary of grounds for appeal;

A. Defendant (1) misunderstanding of the facts or misunderstanding of the legal principles, Defendant B Co-Defendant B (hereinafter, “B”) used for the purchase of this share, which did not affect the share price in an amount equivalent to approximately 5% of the total number of issued and outstanding shares of the Dispute Resolution Co-Defendant B (hereinafter, “B”), and eventually, the Defendant did not have the purpose of “the purpose of inducing another person to make a wrong judgment” or “the purpose of inducing another person to make a false judgment,” which is a subjective element of the punishment provision for securities transaction.

In addition, the defendant did not agree to operate the market price of B, but did not agree to operate the market price of B.

Nevertheless, the lower court erred by misapprehending the facts or by misapprehending the legal doctrine, thereby finding the Defendant guilty of having committed an act violating the Securities Transaction Act in collusion with B.

(2) The sentence sentenced by the lower court to the Defendant is too unreasonable.

B. The sentence imposed by the prosecutor by the court below is too uneasible and unfair.

2. Determination:

A. Article 188-4(1) of the Securities Transaction Act of the Defendant’s assertion of misunderstanding of the facts or misapprehension of legal doctrine prohibits a disguised transaction that facilitates the control of real market prices by deceiving other persons, as it is normal in accordance with the autonomous supply of and demand for free competition markets where there is a change in trading volume or price due to a conspiracy, trade or trade, not a transaction resulting from natural supply in an open competition market.

In order to establish the crime of violation of this article, the purpose of this article should be to mislead others into misunderstanding that transactions constitute sexual traffic as a subjective element, or to mislead others into making wrong judgments, in addition to the fact of ordinary trade or the most trade.

In addition, Article 188-4(2) of the Securities Transaction Act is "the purpose of inducing the sale and purchase transaction".