The judgment below

The guilty part against Defendant A and the remaining part against the Defendants are reversed, and this part is reversed.

The grounds of appeal are examined (to the extent of supplement in case of supplemental appellate briefs not timely filed).

1. As to the misapprehension of legal principles as to the purpose of stock price manipulation

A. Article 188-4 of the former Securities and Exchange Act (amended by Act No. 8635 of Aug. 3, 2007 and enforced Feb. 4, 2009, Article 2 of Addenda of the Financial Investment Services and Capital Markets Act) prohibits unfair trade practices, such as manipulation of market prices, etc.

Paragraph 1 of the same Article provides that anyone shall not commit any act which falls under any of the following subparagraphs, such as a conspiracy, trade or disguised trade, with the intention of creating a misleading appearance of active trading or causing another person to make a false judgment with respect to the transaction of securities listed on the securities market or on KOSDAQ-listed securities.

Therefore, in order to establish the crime of violation of the above provision, the crime should be recognized as having been the purpose prescribed in the above provision, and it is not an issue whether it exists for other purpose or its purpose.

In addition, the degree of awareness of the purpose is not a positive or conclusive perception, but a full recognition is recognized, and it is not a problem such as whether the misunderstanding of investors has actually been caused or whether damage has occurred to others.

In addition, Article 188-4 (2) of the same Act provides that no person shall conduct any act falling under any of the following subparagraphs "for the purpose of inducing transactions at the securities market or the KOSDAQ market."

The purpose here is to attract investors to purchase and sell securities by misunderstanding that the market price is formed by the natural supply and demand principle in the securities market, etc., and this is also different from other purposes.