All appeals by the Defendants are dismissed.

1. Summary of grounds for appeal;

A. Defendant A (1) The work of preparing the news report materials in the facts charged of mistake of facts or misapprehension of legal principles (hereinafter “instant news report materials”) was not the Defendant’s work; the content of the report materials is not false; and the Defendant was unaware of whether the content of the report is false or not; thus, there was no conspiracy to distribute false news report materials for the sake of share cultivation.

Nevertheless, the court below erred by misapprehending the facts or by misapprehending the legal principles, and sentenced the Defendant guilty.

Dob. Even if the court below found the defendant guilty of unfair sentencing, in light of the fact that the defendant did not have obtained any benefit from the crime of this case, and that there was no awareness of illegality, or caused the crime of this case, the sentence imposed by the court below (ten months of imprisonment) is too unreasonable.

B. (1) Defendant C (i.e., mistake of facts or misapprehension of legal principles before the news report of this case was published, and the Defendant demanded correction of the contents even after the news report of this case was published. The Defendant conspired to make an investment by using “illegal means” as stipulated in the Financial Investment Services and Capital Markets Act (hereinafter “Capital Markets Act”) on the sole basis of the fact that the Defendant was unaware of the circumstances that the news report of this case would be distributed with false contents, and that it was held a distribution of false content and an exercise of K

Nevertheless, the court below erred by misapprehending the facts or by misapprehending the legal principles, and sentenced the Defendant guilty.

Dob. Even if the court below found the defendant guilty of unfair sentencing, in light of the fact that the defendant had no record of punishment, and the defendant did not acquire profits from the crime of this case and did not actively participate in the investment plan, the sentence (one year of imprisonment) imposed by the court below is too unreasonable.

2. Determination

A. misunderstanding of facts or misapprehension of the legal principle