The Financial Conduct Authority (FCA) has banned Crispin Odey from the UK financial services industry for a lack of integrity and fined the Odey Asset Management founder £1.8m.
The regulator said Odey “sought to frustrate” his firm’s disciplinary process into his conduct in order to protect his own interests.
Odey was issued a warning notice by the FCA in November.
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Odey was acquitted of indecent assault in March 2021 after he was accused of having groped a young female banker at his home in 1998.
The Financial Times released a report in June 2023 detailing allegations of sexual assault or harassment made by 13 women against Odey over a period of 25 years. Odey denies the allegations.
The FCA’s decision relates to Odey’s use of his majority shareholding to dismiss the Odey Asset Management executive committee on 24 December 2021, weeks before he was due to attend a disciplinary hearing into his conduct.
The hearing was then indefinitely postponed as Odey – being the sole member of the committee – said he was unable to conduct it with impartiality.
A new executive committee was then appointed on 12 January 2022, with Odey stepping down. The new board was then dismissed at the end of March.
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The disciplinary hearing was held in November 2022 following further executive committee appointments.
“A culture of silence in which allegations of misconduct are not dealt with effectively can put consumers and markets at risk,” said Therese Chambers, joint executive director of enforcement and market oversight at the FCA.
“Odey repeatedly sought to evade and obstruct efforts to hold him to account. His lack of integrity means he deserves to be banned from the industry.”
Odey has referred the decision to the Upper Tribunal, meaning the decision to ban the hedge fund manager is provisional.
This story was written by our sister title, Portfolio Adviser
