All appeals are dismissed.

The grounds of appeal are examined.

1. As to the Defendant A’s grounds of appeal, the lower court convicted Defendant A of the violation of the Financial Investment Services and Capital Markets Act (excluding the part of innocence) due to market price manipulation for the stocks of the Co., Ltd. (hereinafter “Capital Markets Act”), violation of the Financial Investment Services and Capital Markets Act due to market price manipulation for the stocks of the Co., Ltd. (excluding the part of innocence), violation of the Financial Investment Services and Capital Markets Act due to fraudulent illegal transactions (excluding the part

The judgment below

Examining the reasoning in light of the relevant legal principles and evidence duly admitted, the lower court did not err in its judgment by exceeding the bounds of the principle of free evaluation of evidence against logical and empirical rules, or by misapprehending the legal doctrine on intentional act, causation, etc. in the crime of violating the Capital Markets Act due to the deviation from the public offering, fraudulent illegal transactions, and false description in the business report.

2. On the grounds of appeal by Defendant B, the lower court convicted Defendant B of the violation of the Capital Markets Act (excluding the part not guilty in the grounds of appeal) due to market price manipulation and fraudulent illegal transactions among the facts charged against Defendant B.

The judgment below

Examining the reasoning in light of the relevant legal principles and evidence duly admitted, the lower court did not exhaust all necessary deliberations, and did not err by exceeding the bounds of the principle of free evaluation of evidence against logical and empirical rules, or by misapprehending the legal doctrine on the establishment of unfair trading and the causal relationship, and the calculation of the amount of profit, in the crime of violating the Capital Markets Act due to fraudulent illegal transactions, in the crime of violation of the said Act, and by omitting necessary judgment.

3. Therefore, all appeals are dismissed. It is so decided as per Disposition by the assent of all participating Justices.