The judgment of the court below is reversed.

The defendant shall be punished by imprisonment with prison labor for the crimes Nos. 1 and 2 of the decision of the court below, and No. 3. of the decision of the court below.

1. Summary of grounds for appeal;

A. Defendant (De facto mistake, misunderstanding of legal principles and misunderstanding of legal principles) 1) Violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Fraud in the judgment of the lower court) (Crime 1 in the judgment) (i) the Defendant publicly announced the said securities company as a main agent in the capital increase procedure for issuing new stocks of NH Investment Securities Co., Ltd. (hereinafter “E”), after prior consultation with NH Investment Securities Co., Ltd. (hereinafter “NH Investment Securities”), but the said securities did not properly pay down payment and did not withdraw the intention of acceptance ex post facto, and sufficiently explain such circumstance to the said victim from the time when the victim F first met.

Therefore, there is no intention to obtain fraud, and there is no deception of fraud itself.

Even if Doshe obtained Doshe and deception are recognized, insofar as capital increase issued does not constitute “the total acquisition method of weekly company”, it is difficult to view that the primary company is a tangible securities company as an important factor in determining investment by the victim F.

In addition, in return for the above victim's acquisition of bonds with warrants in KRW 2.4 billion, E agreed to purchase the stocks of Samtec Co., Ltd. (hereinafter "Tytec") held by the above victim at the time in KRW 2.4 billion and paid 800 million as the down payment to the above victim. Thus, the above victim acquired bonds with warrants in order to obtain such economic benefits.

Ultimately, the above victim invested the UN Investment Securities based on his own independent judgment rather than on the fact that it was the main company for capital increase, or on the expectation of the inflow of funds through capital increase. Therefore, there is no causal relationship between the instant deception and the victim’s disposal.

(b).