Disgraced hedge fund manager Crispin Odey has been fined £1.8million and banned from the UK’s finance industry over his handling of sexual harassment allegations.
The Financial Conduct Authority (FCA) said he showed a ‘lack of integrity’ in seeking to frustrate an investigation into his behaviour by executives at his company.
The alleged incidents are said to have taken place between 1998 and 2021 and involve 13 women who had worked for Odey Asset Management (OAM) or had professional dealings with its boss – who is worth an estimated £561million.
The FCA referred to an internal investigation after two employees alleged Odey, 66, had engaged in ‘improper physical contact’ and made ‘sexualised or otherwise inappropriate comments to employees’.
He was alleged to have exhibited ‘other behaviour which made people feel uncomfortable, including issuing invitations to lunches and to go on shopping trips’.
The FCA report said ‘inappropriate behaviour by him towards female members of OAM staff had become normalised within the firm’.
Allegations: Hedge fund chief Crispin Odey (pictured)has been fined £1.8m and banned from the UK’s finance industry
In February 2021, Odey signed a final warning about his behaviour, but the hedge fund opened another investigation amid concerns he had breached the agreement.
On Christmas Eve that year, Odey used his powers as majority shareholder to fire the entire executive management committee less than two weeks before a disciplinary hearing. After appointing himself as the committee’s sole member, Odey postponed the investigation indefinitely.
He did a similar thing in March 2022 with the replacement committee. But the hearing was held that November.
The FCA said the tycoon had shown a ‘reckless disregard’ for the management of the business. Therese Chambers, of the FCA, said: ‘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 did not comment, but he will reportedly be challenging the decision in court
DIY INVESTING PLATFORMS
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.