The judgment of the court below is reversed.

The defendant shall be innocent.

1. The summary of the facts charged was in collusion with F as a substantial manager of E Co., Ltd. (hereinafter “E”), and on June 10, 200, at the office located in the 10th floor of the Gangnam-gu Seoul Metropolitan Government G Building, the Defendant promoted the issuance of 10 million US dollars of overseas convertible bonds with the branch of Nitan Securities Singapore as a weekly company for the purpose of raising funds for investment in new business facilities and operation of E.

Of these, USD 8 million was not likely to be sold to an overseas investor. The Defendant pretended to purchase convertible bonds by procuring USD 8 million from the bond company H, I, etc., and took the form of depositing the amount into the E’s deposit account around the 23th day of the same month. At that time, the Defendant immediately withdraws USD 8 million which was actually deposited and returned to the bond company, including H, at that time, returned it to the bond company. The Defendant found convertible bonds equivalent to the above amount and possessed it.

As above, since overseas convertible bonds amounting to USD 8 million are not actually sold, the Defendant and E who actually run the business should not issue overseas convertible bonds, and even in the case of the issuance by the interpreter, even if there was an occupational duty to collect and retire them, even if there was a violation of the duty, the Defendant and E converted the amount equivalent to USD 8 million ($ 9.53 billion) from E to sell them, and acquired financial benefits equivalent to the above amount, and suffered losses equivalent to the above amount of money in E.

2. The lower court determined that the Defendant immediately withdrawn USD 4 million from the deposited acceptance amount after the Defendant raised USD 4 million from H and I on June 200, and immediately repaid the deposited acceptance amount. However, regarding whether the Defendant issued the convertible bonds that have not been actually sold by promptly returning them to the bond company after the Defendant raised USD 8 million from the bond company above the above USD 4 million, based on the facts of the judgment, etc.