Crispin Odey, founder of Odey Asset Management LLP (OAM), has had his lifetime ban by the FCA upheld by the Upper Tribunal today but his fine has been reduced.
While the ban has been upheld, the fine has been reduced today by the Upper Tribunal to £1.53m.
Mr Odey was the founder and majority owner of OAM but faced an internal disciplinary process for breaching a final written warning relating to repeated and persistent inappropriate behaviour towards female employees.
The allegations originally appeared in a Financial Times investigation in 2023.
In response, when faced by the allegations, Mr Odey bullied and threatened his executive directors to try to block the investigation.
He twice dismissed OAM’s executive committee members (ExCo) when they did not give in to his improper pressure. Mr Odey was only willing to answer to a governing body that would make a decision he agreed with, which was not to sack him. By removing those investigating his behaviour, he brought the internal disciplinary process to a halt, the FCA said.
The FCA said Mr Odey’s only purpose was "self-preservation" and to avoid being held to account for his behaviour. The regulator said he abused his power and disregarded the impact that his actions had on the firm and its employees - in particular women who had to work in a culture where his inappropriate behaviour had been normalised, sending a message that he was effectively untouchable.
The Tribunal considered Mr Odey’s attempted justifications for removing the ExCo members to be no more than a smokescreen. He thought he should have free rein to conduct himself with female staff according to his own impaired judgment as to what was appropriate, the FCA said.
The Upper Tribunal is a court of appeal and part of the Courts and Tribunal Judiciary. Cases are normally heard by a judge.
The FCA’s case against Mr Odey comprised five allegations. The Tribunal fully upheld them all and agreed that each demonstrated his lack of integrity. Alongside the allegations arising directly from his dismissal of the ExCo, the Tribunal upheld the allegations that Mr Odey’s dealings with OAM, its clients, its investors and the FCA lacked candour. This included false assertions to and threatening behaviour towards the FCA’s staff.
The Tribunal found that during the trial, Mr Odey demonstrated a lack of insight into why his conduct lacked integrity, expressing no contrition for his behaviour and wrongly considering himself the victim. In multiple respects, the Tribunal found that Mr Odey’s evidence lacked credibility.
Therese Chambers, executive director of enforcement and market oversight at the FCA, 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.
“During the hearing he reinvented history, painted himself as a victim and displayed no contrition. That arrogant entitlement and the resulting complete disregard for proper governance means Mr Odey is unfit to work in financial services."
The FCA had proposed to fine Mr Odey £1.83m alongside the ban. The Tribunal decided to reduce this to £1.53m.