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(영문) 서울고등법원 2018.08.22 2018노924
자본시장과금융투자업에관한법률위반
Text

All appeals filed by the Defendants and the Prosecutor are dismissed.

Reasons

1. Summary of grounds for appeal;

A. As to the motive for market price adjustment, Defendants did not have a market control over N shares, and did not go to the primary adjustment of market price in order to obtain gains from market price. The Defendants did not go to the primary adjustment of market price in this case for the purpose of raising gains from market price.

In addition, if one N's request is entered, it will be easy expectations that it may not be discriminated against with an institutional investor in terms of the provision of investment information, and the second market price adjustment of this case in the subparagraphs of human beings.

B) Regarding the termination date of the first market price adjustment, the first market price adjustment in the instant case is irrelevant to N’s closing price management request. As such, the termination date should be determined before June 2012.

2) The sentence sentenced by the lower court to the Defendants (Defendant A: 2 years of imprisonment, Defendant B, and C: 1 year and six years of suspended execution in each of their imprisonment, and 160 hours of community service order) is too unreasonable.

B. The sentence imposed by the Prosecutor by the lower court to the Defendants is too uneasible and unreasonable.

2. Determination

A. According to the evidence duly admitted and examined by the lower court regarding the Defendants’ assertion related to the motive for market price adjustment, the Defendants’ assertion that the N shares were relatively easy to adjust the market price due to the low quantity of circulation and transaction volume, and the Defendants were distributed prior to the commencement of the first market price operation.

N Shares more than 1,1520,000 shares exceed 6,000 shares, and around January 2012, 2012, N shares were held to the extent that they correspond to 3 major shareholders. If the Defendants did not have influence on N shares, N inviting the Defendants to Lao or requesting the Defendants to refrain from managing their shares or selling their shares in advance of the secondary block end, and the Defendants are also seeking profits from market price for the purpose of purchasing N shares by the prosecution.

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