TITLE	Supreme Court Decision 2012Do4230 Decided November 28, 2013¡¼Violation of the Financial Investment Services and Capital Markets Act (Alternative Crime: Offering of Gambling Facility)¡½ [full Text]
Summary
[1] Construction of the law of criminal punishment according to the principle of Nulla poena sine lege (no penalty without a law) [2] Where Defendant established the private futures trading site offering real time trading quote and operated it as follows; if its members deposited money to Defendant¡¯s account - Defendant saved e-money exchanged with a certain rate into their accounts; Defendant deducted fees at each trading of members, and converted e-money to real money upon members¡¯ request at the original exchange rate - the case holding that the punishment of Defendant¡¯s conduct as violation of the former Financial Investment Servicls and Capital Markets Act (¡°the former CMA¡±) with an unapproved financial investment business operation under Article 444 subparag. 1 and Article 11 of the former CMA is not allowed, as it contravenes the principle of no penalty without a law

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