The former hedge fund boss Crispin Odey has lost a legal challenge to overturn his lifetime ban from the City for trying to “frustrate” investigations into sexual harassment allegations against him. A ruling by judges at the upper tribunal upheld the ban imposed by the Financial Conduct Authority (FCA) in March last year, while reducing a proposed fine of £1.83m to £1.53m. Odey, who resigned in 2023 after the allegations were reported in the media, tried to block executives of his hedge fund from taking any action, including by twice firing its entire executive committee (ExCo).
The judges also said the Brexit-backing hedge fund chief failed to acknowledge any potential harm during a three-week appeal hearing in March. He said the woman had accepted his apology and continued to work for the company for another eight years. He also told the appeal judges he did not remember cornering a female employee after a boozy lunch and saying to her “I could attack you now”.
The allegations against Odey were first reported by the Financial Times in summer 2023. OAM ceased trading months later. Commenting on the ruling, the FCA’s executive director for enforcement and market oversight, Therese Chambers, said: “Mr 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. That arrogant entitlement and the resulting complete disregard for proper governance means Mr Odey is unfit to work in financial services.” Odey’s legal representatives were contacted for comment.
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