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The judgment below
We reverse the part concerning collection among the penalty surcharges.
4,101,493,800 won shall be collected from the defendant.
3.2
Reasons
1. Summary of grounds for appeal;
A. Error 1) The contents of the advertisement with respect to D, E, and G are not false as specifically explained in the following sub-paragraphs (2) through (4). The Defendant prepared the content of the advertisement by reliance on the materials provided by each company’s related persons or introductions. Since the listing time changes depending on the corporate circumstances, experts cannot predict the exact timing, and investment risks with respect to over-the-counter stocks should be borne by individual investors. Accordingly, the Defendant did not use unlawful means, plans, or tricks for the sale of stocks of the above company, and did not have intention to do so. 2) The content of D advertisement is a company that manufactures and sells over-the-counter stocks, and is assessed as a superior company in the industry.
The Republic of Korea is a second company in the Republic of Korea Aluminium industry.
A company which plans to list on KOSDAQ at the first half of 2016 and whose net profit is 5 billion won per share (EPS) and whose net profit is 300,000,000 won per share, reflects the degree of net profit per share (the value divided by the price per share by the profits per share) of 15 PER 15,00 won per share, and obtains 16,500 won per share.
At this time, I will proceed to 5,000 won per floor price, which is a good floor price in the low knife.
It is just one year, and we need to think about the goal profit of 3 times every year.
As limited to 100,00 won in quantity, the timing of communication is fast.
The Defendant entered into the KOSDAQ listing plan from AC and BF in 2016, and around April 2015, D had been registered in the non-listed market operated by DJDM, and D had an article on the execution of business contracts for listing DD KOSDAQ in the newspaper of DN on July 8, 2015.
D According to D’s audit report, sales in 2013 are KRW 62.3 billion, and sales in 2014 KRW 53.9 billion (Evidence No. 15. 16). As such, 60 billion estimated sales in 2015 was reasonably predicted, and this was increased by KRW 90 billion estimated sales in 2015 according to D’s investment prospectus.