1. The judgment below is reversed.

2. The defendant shall be punished by imprisonment for three years;

3.Provided, That it shall be for four years from the date this judgment becomes final and conclusive.

1. Summary of grounds for appeal;

A. In light of the facts stated in the lower judgment, the Defendant did not know that the net income of G (hereinafter “G”) would be converted to the enemy at the time of selling the shares of 2770,000 shares (hereinafter “instant shares”) stated in Paragraph (1) of the facts constituting the crime indicated in the lower judgment. The Defendant sold the instant shares, irrespective of the aforementioned information, was a measure of inevitably chosen to repay G’s debt and raise operating funds, and thus, it cannot be deemed as an “use of material nonpublic information” prohibited by the Financial Investment Services and Capital Markets Act.

The defendant's defense counsel argues to the purport that even if it is found guilty of this part of the facts charged, the defendant's evaded loss amount should be calculated based on the difference between the closing price of the shares on March 16, 2010 and the closing price of shares on March 18, 2010, the minimum price after the disclosure of information, not the average price of the shares sold by the defendant from March 9, 2010 to March 16, 2010, but the order to collect the evaded loss amount should be calculated based on the larger amount of money and the closing price of shares after the disclosure of information.

However, this is reasonable to understand the difference between the proceeds from sale of the shares held prior to disclosure of material nonpublic information and the market price of the shares at the time when disclosure of material nonpublic information does not affect the market, and if material nonpublic information is disclosed, the company's share price drops if it is disclosed. This is reasonable to view the difference between the proceeds from sale of shares held prior to disclosure of material nonpublic information and the proceeds from disclosure of material nonpublic information.