The defendant's appeal is dismissed.

1. Summary of grounds for appeal (misunderstanding of facts and improper sentencing);

A. Of the facts charged in the instant case, in the case of each conspiracy offer transaction with one to seven times in the table of crimes attached to the judgment below among the facts charged in this case, the act at the time when G other than the Defendant was employed as the representative director, and in the case of each conspiracy offer transaction with 8 to 33 in the table of crime in this case, the Defendant was rather unable to receive a commission for stock brokerage, and in the case of each conspiracy offer transaction with 34 to 53 in the table of crime in this case, the Defendant and H were the act at the time when the Defendant and H were employed as the joint representative director, and the Defendant violated the Financial Investment Services and Capital Markets Act as stated in the facts charged in this case.

subsection (b) of this section.

B. The sentence of the lower court that is unfair in sentencing (an amount of KRW 10 million) is too unreasonable.

2. Determination

A. As to the assertion of mistake in the facts in the instant facts charged, C Mutual Savings Bank was established as the principal business, and is engaged in the business of operating the mutual savings bank after obtaining authorization under the law of the mutual savings bank. The Defendant is a major shareholder and the actual operator who owns the shares of the said bank from January 21, 200 to February 26, 2009, and a person who served as the representative director from September 30, 2010 to May 30, 2012.

No one shall conduct financial investment business without obtaining authorization for a financial investment business under the Financial Investment Services and Capital Markets Act.

The Defendant, in collusion with CB Audit E, etc., did not obtain a financial investment business authorization, and around July 21, 2010 between the time around July 21, 2010 to May 4, 2012, the Defendant brokered the 43,663,00 won of the market value of 1,858 share price (23,50 won per share) in the future at CB office of the CB Bank, a stock company located in Daegu-gu, Daegu-gu, Seoul-gu, Seoul-gu, (hereinafter “CB”) and received 5,457,875 won as commission.