All appeals are dismissed.

The grounds of appeal are examined.

1. As to Defendant A’s ground of appeal

A. The court below affirmed the judgment of the first instance court which found the defendant A guilty of this part of the charges on the following grounds: (a) the violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Embezzlement) was established by comprehensively taking account of the adopted evidence; (b) the defendant A invested the amount of KRW 1.5 billion with the N acceptance Fund of the company listed in the KOSDAQ, which was the company listed in P, etc.; and (c) the P et al. was employed and held as the representative director of the above company due to embezzlement of the company funds; (d) the joint investors conspired with the defendant B, a joint investors; or (e) the joint investors from October 18, 2007 to June 17, 2008, as stated in the attached Table 1 of the judgment of the court below, managed the accounts as if it actually paid loans or advisory fees to the customer or employees, etc. who did not have any substance, then withdrawn the total amount of funds of the victim company; and (e) actually, at the request of the defendants, embezzled the amount equivalent to the above.

In light of the evidence duly admitted by the court below, the above judgment of the court below is just, and contrary to the allegations in the grounds of appeal, there were no errors by exceeding the bounds of the principle of free evaluation of evidence against logical and empirical rules, or by misapprehending the legal principles on the intent of unlawful acquisition

B. In full view of the evidence adopted, the lower court held that Co-defendant C (hereinafter referred to as “Co-defendant C”) of the lower court constituted a ground for refusing opinions due to capital erosion and liquidity shortage, embezzlement of former management’s funds, etc. as a certified public accountant belonging to W Accounting Corporation, as a result of conducting an audit of the financial statements in 2007.