The judgment of the court below is reversed.

A defendant shall be punished by imprisonment for three years.

1. Summary of grounds for appeal;

A. The Defendant did not have conspired with F, etc. to manipulate the instant market prices.

In other words, in full view of the following facts: (a) the Defendant was not an executive officer or major shareholder of E Co., Ltd. (hereinafter “E”) and was not involved in E’s operation; (b) there was no motive to participate in the instant manipulation; and (c) the Defendant did not receive KRW 130 million from G as salary; (c) the Defendant was asked by G to “F to transfer an envelope,” but it was true that the Defendant did not provide F with KRW 120 million on his own account; (d) the Defendant did not have agreed to receive or distribute profits from the instant manipulation with F; and (c) the Defendant did not have committed the instant manipulation in collusion with F, it is difficult to deem that the Defendant committed the instant manipulation.

Nevertheless, the court below committed an unlawful act that affected the judgment by misunderstanding that the court below found guilty of this part of the facts charged.

B. In light of the fact that the Defendant’s participation in the instant market price manipulation crime is minor and that there is no profit gained by the Defendant from the instant crime, the lower court’s sentence against the Defendant is too unreasonable.

2. Judgment on the defendant's assertion of mistake of facts

A. In full view of the following circumstances, the lower court determined that the Defendant could have committed an act of price manipulation of E shares in collusion with F, etc., by comprehensively taking into account the adopted evidence.

1) In full view of the following circumstances, F’s motive for the collection of E shares by the Defendant and F, it appears that F, upon the Defendant’s request, sold E shares.

(1) F is from an investigative agency to the court below’s decision.