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Bailey McCann, Opalesque New York: The UK Financial Conduct Authority will ban hedge fund manager Crispin Odey, and fine him GBP1.8mn for a "lack of integrity" in his conduct after he faced allegations of sexual harassment and assault.
The FCA alleges that Odey frequently tried to obstruct investigations into his conduct after the allegations were made. According to a statement from the FCA, Odey disregarded the governance structures of his management company Odey Asset Management with his activities.
Odey is expected to challenge the FCA's decision.
The statement from FCA says that, "On 30 November 2021, OAM scheduled a disciplinary hearing to consider whether Mr Odey had breached the final written warning. However, on 24 December 2021, Mr Odey used his majority shareholding in OAM to remove OAM's existing ExCo members and appoint himself as ExCo's sole member. Mr Odey subsequently decided on 6 January 2022 that the disciplinary hearing into his conduct would be indefinitely postponed since he said he was unable to conduct it with impartiality."
OAM's disciplinary hearing was eventually held on 29 November 2022, nearly 1 year after it had been originally scheduled.
Therese Chambers, joint executive director of enforcement and market oversight at the FCA said: "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...................... To view our full article Click here
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