All appeals by the Defendants and the Prosecutor are dismissed.

1. Summary of grounds for appeal;

A. Fact-misunderstanding, misunderstanding of legal principles (1) Defendant A (AG related to the guilty part of the judgment of the court below) did not constitute an important information prohibited from being used by the Financial Investment Services and Capital Markets Act (hereinafter “Capital Market Act”), and Defendant A did not use the said information in stock transaction.

In addition, the unjust gains obtained by the defendant A are limited to KRW 8,011,869 on the 2,433 note purchased after receiving information on connection business results from AB.

(2) Since the prosecutor (not guilty part of the judgment below) acquired undisclosed information on “the same opportunity” through prior recruitment with other primary information recipients, the Defendants may be punished even if they are the primary information recipient subject to the violation of the Capital Market Act or the secondary information recipient.

B. The punishment sentenced by the lower court (one year of imprisonment for Defendant A, two years of suspended execution, two years of additional collection, 25,765,180 won, one year of imprisonment for Defendant B, two years of suspended execution, two years of suspended execution, and additional collection 404,530 won) is too heavy or more (the Defendants) and (the prosecutor).

2. Determination

A. As to the Defendant A’s assertion of mistake of facts and misapprehension of legal principles, the lower court also asserted the same purport in the lower court, and the lower court rejected Defendant A’s assertion and found the Defendant guilty of this part of the charges on the following grounds.

"Information that may have a significant impact on investment decisions by investors" in Article 174 (1) of the Capital Market Act is an important information, and "information that may have a significant impact on investment decisions by investors" means information that a reasonable investor considers to have an important value in making a decision on the transaction of securities if it is compared and determined by comparison and evaluation of the importance and possibility of a fact that a reasonable investor may have a significant impact on the management, property, etc. of a corporation.