Former hedge fund manager Crispin Odey's lifetime ban from the City has been upheld by the Upper Tribunal, a ruling that also reduced his proposed fine from $1.83 million to $1.53 million. The Financial Conduct Authority (FCA) stated that Odey lacked integrity and was not a fit and proper person, making a prohibition order appropriate. This decision stemmed from his attempts to obstruct investigations into sexual harassment allegations against him at Odey Asset Management (OAM) between December 2021 and November 2022.
The FCA emphasized that Odey's actions were driven by self-preservation and a desire to avoid accountability for his behavior. The regulator viewed his conduct as showing "arrogant entitlement" and a "reckless disregard" for City rules, consistently prioritizing his own interests over those of OAM, its staff, and investors. This ruling reinforces the FCA's commitment to cracking down on non-financial misconduct and serves as a significant warning to firms to conduct thorough and independent probes into such allegations.
The case has drawn attention to Odey's history of alleged sexual misconduct, which became public in 2020. He was acquitted in 2021 of indecent assault, but subsequent investigations by the media detailed allegations from 13 women over 25 years. Odey settled civil claims from five women in May and dropped a $79 million defamation claim against the Financial Times in April. The FCA's chief counsel, Clare Sibson KC, highlighted Odey's evasiveness during cross-examination, and judges found that he had deliberately tried to frustrate internal investigations.
