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TITLE [Violation of the Securities and Exchange Act] Supreme Court Decision 2008Do6953 Decided December 10, 2009 [full Text]
Summary
[1] Whether ""the second information recipient"" can be punished as an accomplice of the crime violating Article 188-2 (1) of the former Securities and Exchange Act, in case where ""the second information recipient"" is jointly involved in the act by ""the first information recipient"" that uses information immediately in trading at the stage of receiving it as the first time (affirmative) [2] The case holding that, in case where ""the first information recipient"" delivered undisclosed inside information to the defendant, the second information recipient, and subsequently, the defendant proposed to divide profits arising from trading the shares of a certain corporation by using such information, and conspired to commit the crime through the acceptance by ""the first information recipient"", and whereby traded the shares, the court below's decision that found the defendant not guilty of the charged facts in violation of the Securities and Exchange Act, contains an error of law by misunderstanding the legal principle as to the establishment of joint principal offender and the interpretation and application of Article 188-2 (1) of the Act
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