All appeals filed by the defendant and prosecutor are dismissed.

1. As to the summary of the grounds for appeal (e.g., a fine of KRW 50 million) by the lower court, the Defendant asserts that the punishment is too unreasonable, and the prosecutor asserts that the punishment is too unreasonable.

2. In a case where there is no change in the conditions of sentencing compared to the judgment of the first instance court, and the sentencing of the first instance court does not deviate from the reasonable scope of discretion, it is reasonable to respect it.

(See Supreme Court en banc Decision 2015Do3260 Decided July 23, 2015). Although the size and frequency of a transaction in violation of reporting obligation are not many, the Defendant appears to not actually participate in the instant disclosure by having a large number of stock transactions entrusted by the Defendant to the account manager G while performing the duty of disclosure. In light of the Defendant’s age, character and conduct, environment, motive, means and consequence of the instant crime, and all of the sentencing conditions indicated in the instant pleadings, such as the Defendant’s age, character and conduct, environment, motive, means and consequence of the instant crime, etc., the sentence imposed by the lower court is deemed appropriate, and it is not recognized that the sentence imposed by the Defendant is too heavy or unreasonable.

Therefore, the defendant and prosecutor's assertion are without merit.

3. In conclusion, the appeal filed by the Defendant and the prosecutor is dismissed in accordance with Article 364(4) of the Criminal Procedure Act, since all of the appeal filed by the Defendant and the prosecutor are without merit.