Daekyun Ra Loses Damages Lawsuit Against Kim Ikrae and Kiwoom Securities Over 'SG Incident'

by Byun Seonjin

Published 10 Apr.2026 14:28(KST)

Court Dismisses Damages Claim

Daekyeon Ra, Yonhap News Agency

Daekyun Ra, CEO of Hoan Investment Advisory, who has been identified as a key figure in the stock price crash triggered by Societe Generale (SG) Securities, has lost a damages lawsuit against former Dawoo Kiwoom Group Chairman Kim Ikrae and others.

On April 10, the Civil Division 22 of the Seoul Central District Court (Presiding Judge Park Jeongho) dismissed the claim by Ra and others in a damages lawsuit worth 500 million won filed against former Chairman Kim, Kiwoom Securities, and Seoul City Gas Chairman Kim Youngmin. The court also ordered Ra and the other plaintiffs to bear all litigation costs.

Previously, in December 2023, Ra filed the lawsuit claiming that "massive sell-offs by former Chairman Kim and illegal forced sales by Kiwoom Securities caused the stock prices to plummet, resulting in damages." Former Chairman Kim denied the allegations and filed a defamation complaint against Ra for naming him as a background figure.

Meanwhile, separate from this civil suit, Ra was sentenced to eight years in prison in November 2025 in the appellate trial for charges including violations of the Capital Markets Act related to the SG Securities-driven stock crash. This was a significant reduction from the 25-year prison sentence handed down in the first trial.

The SG Securities-triggered stock crash refers to the incident on April 24, 2023, when eight stocks including Daou Data saw massive sell-offs via the SG Securities trading desk, resulting in a sharp drop in stock prices. Ra and others were indicted in May 2023 on charges of prearranging purchase and sale prices and manipulating the share prices of eight listed companies from May 2019 to April 2023, then dumping large volumes of shares and earning approximately 730 billion won.