Hedge fund millionaire banned by City watchdog | EUROtoday

Fund supervisor Crispin Odey has been provisionally banned from working in monetary providers and fined £1.8m by the UK regulator for a “lack of integrity”.

The Financial Conduct Authority (FCA) mentioned Mr Odey had tried to “frustrate” a disciplinary course of into sexual harassment allegations towards him, and his conduct proved he was “not a fit and proper person to perform any function related to regulated activities”.

The misconduct allegations – strongly denied by Mr Odey – have been first reported within the Financial Timeswhich posted claims from 13 girls over a interval spanning 25 years. Mr Odey has issued libel proceedings towards the paper.

Mr Odey, who based the now defunct hedge fund Odey Asset Management (OAM), is difficult the FCA’s determination, which is provisional.

In its findings, the regulator mentioned Mr Odey “deliberately sought to frustrate OAM’s disciplinary processes into his conduct to protect his own interests”.

It mentioned Mr Odey used his majority shareholding in OAM to take away the prevailing members of its govt committee, simply weeks earlier than he was resulting from seem for a disciplinary listening to in January 2022.

He then appointed himself sole member of the committee and determined the disciplinary listening to into his conduct can be indefinitely postponed since he mentioned he was unable to conduct it with impartiality.

Therese Chambers, joint govt director of enforcement and market oversight on the FCA, mentioned: “A culture of silence in which allegations of misconduct are not dealt with effectively can put consumers and markets at risk.

“Mr Odey repeatedly sought to evade and hinder efforts to carry him to account. His lack of integrity means he deserves to be banned from the business.”

Since the wider investigation by the Financial Times, OAM struggled to rebuild trust with investors and a number of major banks cut ties with the firm.

The hedge fund is the method of being dismantled with actions will probably be transferred to different companies.