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The UK financial watchdog will ban Crispin Oddie from the sector and punish the hedge fund founder £1.8 million for “lack of integrity” in his conduct after facing allegations of sexual harassment and assault.
Odey, who founded Odey Asset Management, “deliberately sought to irritate OAM's disciplinary process by attempting to irritate his actions in order to protect his own interests,” the Financial Conduct Bureau said Monday.
Odey fell from grace after the Financial Times detailed allegations of sexual harassment and attacks against him over the years. He vehemently objected to the allegations.
Odey challenges the FCA's decision by referring to the Superior Court, a superior court with comparable positions in the High Court. This is temporary.
Watchdog's actions were not based on accusations of sexual harassment against Oddie himself, but based on his alleged attempts to address complaints about his actions and irritate the hedge fund's efforts to bring about disciplinary procedures against him.
The FCA said the hedge fund executive “experienced a reckless neglect” to the company's governance, and after violating regulatory requirements, he “exemplified that he is not an unsuitable person to carry out functions related to regulated activities.”
Odey did not respond to requests for comment.
The hedge fund boss has fired everything on the OAM's executive committee twice after planning a disciplinary hearing on his actions and using the majority stake in the business to replace himself, the FCA said.
After replacing the executive for the first time, Odey “deferred the disciplinary hearing for his actions indefinitely” and added that his actions against the fund and regulators were “frankly lacking.”
“We are pleased to announce that there are many factors that can be used to implement this program,” said Therese Chambers, co-executive director of FCA's enforcement and market surveillance.
“Odey repeatedly asked to avoid and sabotage his efforts to explain him,” Chambers said. “His lack of integrity means he deserves to be banned from the industry.”
Odey is currently fighting personal injury claims in a civil court filed by five victims. He challenges the claims and also issues an honorable lib loss claim against the Financial Times, which the FT defends.
The founder of the hedge fund has not been permitted to carry out financial services activities regulated by the FCA since 2023, but his company removed the approval last year.
