Crispin Odey loses appeal to overturn lifetime financial services ban
Former hedge fund tycoon Crispin Odey has failed to overturn a £1.8m fine and lifetime ban from working in the financial services industry.
The Financial Conduct Authority (FCA) earlier this year hit Odey with the fine and banned him from working in the industry after a series of historic sexual assault allegations from former female staff.
Odey, who has always denied the allegations, challenged the ruling, but a Tribunal on Monday dismissed his appeal in a 229-page judgment and upheld the FCA’s decision. In a statement after the decision, the regulator said Odey “clearly thought he could act with impunity”.
“He twice sacked those tasked with protecting female employees from his inappropriate behaviour when they tried to hold him to account. He felt the rules shouldn’t apply to him and acted to save his own skin,” Therese Chambers, executive director of enforcement and market oversight at the FCA, said.
“During the hearing he reinvented history, painted himself as a victim and displayed no contrition. That arrogant entitlement and the resulting complete disregard for proper governance means Mr Odey is unfit to work in financial services.”
The case went before the Upper Tribunal in March where the court heard that Odey was described as a ‘sex pest’ by the chief executive of Odey Asset Management. While on the stand, Odey was accused of “trying to manipulate” a woman into silence, after the financial regulator alleged he tried to discourage her from giving a full account of her experience with him.
The City watchdog’s arguments to the court claimed that, to prevent a disciplinary hearing, Odey used his powers as the hedge fund’s majority shareholder to dismiss the executive committee and appoint himself as the sole member.
A month after his Tribunal hearing was conclused, the Financial Times revealed in a statement that he dropped his libel claim against the news publication over its reporting of sexual misconduct allegations.
In May, Odey settled a string of sexual assault allegations brought against him just weeks ahead of a trial.