The judgment of the court below is reversed.

Defendant shall be punished by imprisonment with prison labor of one year and six months and by a fine of two hundred thousand won.

except that this judgment.

1. The sentence imposed by the lower court (two years of imprisonment, three years of suspended execution, three years of community service order, two hundred hours of community service order, and fine two hundred million won) is too unreasonable.

2. The crime of this case is an element for sentencing unfavorable to the Defendant, for the following reasons: (a) the Defendant was engaged in financial investment business (investment brokerage business) by acting as an intermediary for trading unlisted stocks without obtaining authorization from a financial committee member’s association; (b) the period for committing the crime has reached approximately four years; and (c) the amount of brokerage commission acquired exceeds the total amount of KRW 5.6 billion.

However, in full view of all the sentencing conditions in the records and arguments of this case, including the fact that there is no case where ordinary investors suffered unfair damage due to the trade of stocks outside the country arranged by the defendant, that the tax related to transfer income tax and securities transaction tax, etc. arising in the trade of unlisted stocks was paid faithfully by the defendant, that there is no identical criminal record to the defendant, that there is no criminal record of the defendant, that the defendant's mistake is divided, and that the defendant's closure of the company E established for the intermediation and trade of unlisted stocks is likely to be seriously contradictory, and that the current health condition of the defendant seems to be not good, the sentence imposed by the court below on the defendant is recognized as unfair, and therefore the defendant's assertion is reasonable.

3. In conclusion, the judgment of the court below is reversed in accordance with Article 364(6) of the Criminal Procedure Act on the grounds that the defendant's appeal is with merit, and the judgment below is ruled again after pleading as follows.

[Re-written judgment] The summary of facts constituting an offense and evidence recognized by the court is identical to the description of each corresponding column of the judgment below, and thus, they are quoted in accordance with Article 369 of the Criminal Procedure Act.

Application of Statutes

1. Article 44 of the Financial Investment Services and Capital Markets Act and Articles 444 subparagraph 1, 11, and 11 of the Act on Business of Financial Investment Services and Capital Markets for criminal facts;