Former hedge fund manager Crispin Odey lost his appeal on Monday against an industry ban for hampering an internal disciplinary investigation into sexual harassment allegations, although a fine imposed on him by Britain’s financial watchdog was reduced.
A spokesperson for Odey, a leading backer of Brexit and donor to the Conservative Party, did not immediately respond to a Reuters request for comment on the outcome of his appeal.
London’s Upper Tribunal reduced the Financial Conduct Authority’s £1.835 million ($2.47 million) fine against Odey to just below £1.53 million.
Read more: Odey Banned From UK Financial Services Industry for ‘Lack of Integrity’
Odey, who founded Odey Asset Management in 1991, shot to prominence during the 2008 financial crisis after making a fortune short-selling bank shares.
The FCA said last year it would ban Odey from the financial industry after allegations of sexual assault or harassment made by several women, which he has always denied.
Odey was acquitted in 2021 on charges of sexually assaulting a woman in 1998.
In April, Odey dropped a libel lawsuit against the Financial Times over its reporting in 2023 of allegations of sexual misconduct and in May settled personal injury lawsuits by several women who accused him of sexual assault.
Monday’s ruling marks an early success for the FCA’s efforts to tackle workplace misconduct.
Odey Misused Power, Tribunal Says
The FCA said Odey deliberately frustrated his now-defunct firm OAM’s disciplinary process by twice dismissing the members of its executive committee, in 2021 and 2022, when it was investigating allegations of sexual misconduct.
Odey said he was trying to protect OAM, which “faced an existential crisis,” and generally defended his conduct when he gave evidence in March, although he did admit groping a woman shortly after having an anesthetic in 2005.
The tribunal said it agreed with the FCA that Odey lacked integrity and had “misused his power as controller to remove the (executive committees) as a means to protect his own interests and attempt to achieve his objectives.”
Therese Chambers, the FCA’s executive director of enforcement and market oversight, said that during the hearing Odey “painted himself as a victim and displayed no contrition.”
($1 = 0.7423 pound)
(Reporting by Sam Tobin; editing by William James and Alexander Smith)
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