All appeals by the Defendants are dismissed.

1. Of the facts charged in this case, the court below found the Defendants not guilty on the ground that there is no proof of crime as to the part where the Defendants committed the share price and committed unjust enrichment of KRW 122,426,298 in total as stated in the facts charged in the judgment below, and found the Defendants guilty of the violation of the Financial Investment Services and Capital Markets Act, which committed a single crime, on the ground that the court below found the Defendants not guilty on the part of the Defendants only appealed on the part of the Defendants, and the prosecutor did not appeal

However, if the first instance court found the defendant guilty only for a part of the facts charged which is a simple crime, even if the defendant appealed, the appeal can be tried on the part of the acquittal.

In light of the records of this case, the judgment of the court below on the part not guilty in the court below is just and acceptable, and this part of the court below's conclusion is maintained as it is.

2. Summary of grounds for appeal;

A. Although the defendants submitted some orders related to manipulation of facts, the court below found the defendants guilty of all of the facts charged of this case, despite normal orders except the orders acknowledged by the defendants among the orders stated in the facts charged of this case.

B. The sentence sentenced by the court below on unreasonable sentencing (the fine of KRW 70 million against Defendant A, the fine of KRW 30 million against Defendant B, and the fine of KRW 20 million against Defendant C) is too unreasonable.

3. The Defendants asserted that the determination of mistake of facts by the Defendants had the same purport in the court below, and the court below stated in detail the decision on this.