Of the judgment of the first instance, the part on Defendant B shall be reversed.

Defendant

B A person shall be punished by imprisonment for not less than eight months.

Defendant .

1. Summary of grounds for appeal;

A. The punishment of the first instance court (the penalty of 10 million won for imprisonment and 320 million won) is too unreasonable in light of the fact that Defendant A (the punishment of 10 months for imprisonment) makes a confession once in the trial of the first instance.

B. As to the part on the sale and purchase of shares of Defendant B (1) misunderstanding of facts, (1) M Co., Ltd. (hereinafter “M”), the amount that Defendant B received in return is KRW 20 million, and thus, the amount should be collected as much as that amount.

② In relation to the part on the sale and purchase of shares of a corporation AA (hereinafter “A”), Defendant B merely purchased the shares at the same time, regardless of whether the lower limit of the shares was known to Defendant A, thereby making a public offering.

(2) In light of the fact that Defendant B merely served as a mere introduction of Defendant A, etc., the first instance court’s punishment (additional collection of KRW 40 million for imprisonment) is too unreasonable.

2. Determination

A. Defendant A seems to have led to the confession and reflect of the instant crime by Defendant A at the trial. However, the above Defendant, as an expert in stock price manipulation transaction, was in charge of the so-called lower limit in the order from the stock owner or the secured party, and was on the degree of his participation. The so-called “lowest” means: (a) the market price manipulation force, through mass purchase, induces ordinary investors who take advantage of the company’s deliberation when the lower limit was so small that the market price manipulation force was so small that the market price manipulation force was taking part of the quantity; (b) ultimately, it causes considerable damage to ordinary investors; and (c) even if the above Defendant had been punished several times due to stock price manipulation transactions, it again becomes a condition for sentencing as shown in the record of pleadings, such as the Defendant’s age, character and behavior, environment, criminal records, criminal records, the background, scale, and circumstances after the instant crime.