All judgment of the court below shall be reversed.

The punishment of the accused shall be three years of imprisonment.

1. Summary of grounds for appeal;

A. The prosecutor’s sentence of the lower court is too unhued and unreasonable.

B. The decision of the first instance judgment of Defendant 1 is too unreasonable.

2. The judgment of the court below was rendered to the defendant, and the defendant appealed against the judgment of the court of first instance, and the prosecutor appealed against the judgment of the court of first instance, and this court decided to hold a joint hearing of each appeal case.

The crime of the judgment of the court below against the defendant is a concurrent crime under the former part of Article 37 of the Criminal Code, and thus, the judgment of the court below can no longer be maintained.

3. The judgment of the court below is reversed in accordance with Article 364(2) of the Criminal Procedure Act without examining the above ex officio grounds for reversal of the judgment below. The judgment below is reversed in entirety and it is again decided as follows.

[Re-written judgment] The criminal facts against the defendant recognized by the court and the summary of the evidence are identical to each of the corresponding columns of each judgment below, and thus, they are quoted in accordance with Article 369 of the Criminal Procedure Act.

Application of Statutes

1. Article 3(1)2 of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes, Article 356 of the Criminal Act, Article 347(1) of the Criminal Act, Article 231 of the Criminal Act, Articles 234 and 231 of the Criminal Act, Article 232 of the Criminal Act, Article 234 of the Criminal Act, Article 232 of each of the Criminal Act, Article 232 of each of the Criminal Act, Article 232 (Preparation of Private Document for Qualification), Article 232 of the Criminal Act, Article 232 of the former Criminal Act, Article 32 of the former Act on the Aggravated Punishment, etc. of Specific Economic Crimes (amended by Act No. 1434 of Dec. 2, 2016), Article 48 subparag. 1 and Article 9(1) of the former Certified Private Brokerage Act (amended by Act No. 14344 of Dec. 2, 2016)

1. Articles 40 and 50 of the Commercial Concurrent Crimes Act (Article 3-1(a) of the judgment of the court below as stated in the judgment of the court below), and 50 of the same Act (Article 3-1(a) of the same Act, and the crime committed on April 7, 2016, which is the largest.