The appeal is dismissed.

The grounds of appeal are examined.

For the reasons indicated in its holding, the lower court reversed the first instance judgment convicting the Defendant of the charges, and found the Defendant guilty on the ground that there was no proof of a crime as to the Defendant’s acquisition of unjust enrichment of KRW 250,194,30 in total by means of a conspiracy transaction with respect to the part of violation of the Financial Investment Services and Capital Markets Act from November 20, 2009 to December 15, 2009, and found the Defendant guilty of the part on the charges. In so doing, the lower court found the Defendant guilty of the charges on the ground that there was no proof of

The judgment below

Examining the reasoning in light of the relevant legal principles and records, the lower court did not err in its judgment by exceeding the bounds of the principle of free evaluation of evidence inconsistent with logical and empirical rules, or by misapprehending the legal doctrine on the calculation of “profit accrued from a violation” under the proviso of Article 443(1) of the former Financial Investment Services and Capital Markets Act (amended by Act No. 11845, May 28, 2013

The Supreme Court precedents cited in the grounds of appeal are inappropriate to be invoked in the instant case, unlike the instant case.

Therefore, the appeal is dismissed. It is so decided as per Disposition by the assent of all participating Justices on the bench.