Odey faces Metropolis ban and £1.8m superb for ‘lack of integrity’

The hedge fund supervisor Crispin Odey is dealing with a £1.8m superb and a ban from the monetary providers trade within the UK following a ruling by the Metropolis regulator.

The Monetary Conduct Authority’s (FCA) provisional determination adopted an investigation into the 66-year outdated founding father of now-defunct Odey Asset Administration (OAM) amid newspaper allegations of historic office sexual misconduct.

He strenuously denied the claims reported by the Monetary Occasions (FT) in 2023, a few of which prolonged to sexual assault.

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The corporate is now within the means of being wound down.

The FCA mentioned on Monday that the superb and proposed ban had been provisional as Mr Odey deliberate to attraction the findings on the Higher Tribunal.

The watchdog mentioned the penalties it sought to impose in opposition to Mr Odey mirrored its discovering of a “lack of integrity”, primarily via repeated makes an attempt “to evade and impede efforts to carry him to account”.

Its inquiry discovered that OAM couldn’t deal successfully with complaints of inappropriate conduct in the direction of feminine members of employees as a result of he regularly threatened and intervened within the course of.

“The FCA considers that Mr Odey intentionally sought to frustrate OAM’s disciplinary processes into his conduct to guard his personal pursuits,” the regulator’s assertion mentioned.

“Mr Odey confirmed reckless disregard for OAM’s governance, inflicting OAM to breach sure regulatory necessities.

“As well as, the FCA considers that Mr Odey’s behaviour in the direction of each OAM and the FCA lacked candour.

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“The FCA considers Mr Odey’s conduct demonstrated that he’s not a match and correct individual to carry out any operate associated to regulated actions,” its ruling concluded.

Mr Odey, who’s in search of £79m in damages via a libel motion in opposition to the FT, has insisted he’s the sufferer of a witch hunt.

He was but to touch upon the FCA’s provisional ruling.