The prosecutor's appeal is dismissed.

1. Summary of grounds for appeal;

A. The Defendant violated the Financial Investment Services and Capital Markets Act due to the violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Embezzlement) and the non-performance of the duty to report (hereinafter “F”) provided shares of F Co., Ltd. (hereinafter “F”) in its custody as collateral and purchased shares of FF shares under the name of W, etc. after obtaining a loan (hereinafter “F shares”) and without any legal device to guarantee that the F shares of this case are owned D. The Defendant was able to raise funds from the Financial Supervisory Service at a lower rate than the financial period as collateral. In light of the fact that the Defendant was able to purchase the shares of this case under the name of FF, etc., the Defendant offered the shares of this case as collateral without undergoing the internal decision-making procedure, such as the resolution of the board of directors, and that if the Defendant purchased the shares of this case under the name of FF, it is difficult for the Defendant to purchase the shares of this case under the name of FF to dispose of the shares of this case under the name of FF to obtain the shares of this case.