UK regulators have disclosed that an internal investigation at Odey Asset Management uncovered at least 46 allegations of inappropriate conduct against founder Crispin Odey over a 17-year period, according to a report by Bloomberg citing filings released by the Financial Conduct Authority.
The allegations, detailed as part of the FCA’s ongoing legal battle with Odey, ranged from claims of sexual assault dating back to 2005 to other incidents involving inappropriate behaviour toward female staff. The findings emerged from an internal review commissioned by Odey Asset Management and were delivered in early 2021.
Odey is currently challenging a lifetime ban from the financial services industry, imposed by the FCA, arguing the regulator pursued a broader agenda to police non-financial misconduct and selected his case as a test. A trial at the UK’s Upper Tribunal is scheduled to begin in March.
The FCA said the investigation highlighted repeated instances where female employees were reluctant to escalate complaints formally, citing fears of job loss or that “nothing would be done.” Odey was issued a final written warning for misconduct, which he accepted at the time, according to the regulator.
The watchdog also pointed to a second disciplinary investigation launched in late 2021 following allegations from a recruitment agency. That process was ultimately derailed after Odey removed existing executive committee members, appointed himself as sole member, and indefinitely postponed the hearing.
Last year, the FCA fined Odey £1.8m and banned him from the industry, citing a “reckless disregard” for governance and concluding that he was not a “fit and proper person” to work in financial services. Odey’s legal team has argued that the regulator took no further action on the underlying misconduct allegations and exerted unfair pressure on firm executives.
