The defendant's appeal is dismissed.

1. Around November 2010, the Defendant became aware of the facts charged in the instant case regarding C Co., Ltd. (hereinafter “C”) which is a major shareholder B through a high school window B. Around November 201, the Defendant had been aware of the fact that the said company’s share price was formed not more than KRW 12,00,00, and the average trading volume does not exceed KRW 20,000,000, in order to obtain market price profits by using relatively easy support for the share price. From November 16, 2010 to April 7, 2011, the Defendant was willing to make a market price manipulation. In the process of trading the shares of the said company from November 16, 201 to April 7, 201, the Defendant acquired the highest purchase (2.198 shares), the highest purchase (999.9.37,502 shares), the purchase price (35.32,32,332,42,71,79).

2. The summary of the grounds for appeal was only collected stocks for a long time, and there was no market price manipulation for the purpose of inducing a person to make a false judgment, or for other reasons, under Article 176(1) of the Financial Investment Services and Capital Markets Act (hereinafter “Capital Markets Act”) or Article 176(2) of the same Act.

3. Determination

A. The crime of violation of Article 176(1) of the Financial Investment Services and Capital Markets Act is established by misunderstanding that the trading of listed securities is booming, or by tending to trade listed securities with intent to mislead another person to make a wrong judgment. The term “purposes to attract the trading” under Article 176(2) of the same Act refers to creating a misunderstanding that the market price is formed in accordance with the principle of natural supply and demand in the listed securities market, while causing a fluctuation in the market price by artificial manipulation.