The UK’s Financial Conduct Authority (FCA) has issued a warning to former hedge fund manager Crispin Odey, indicating it plans to take regulatory action over his attempts to obstruct a disciplinary investigation into sexual harassment claims, according to a report by the Independent.
According to the FCA, Odey’s conduct in response to sexual misconduct allegations breached regulatory rules and “lacked integrity.” The FCA’s notice indicates it plans to take action against the hedge fund founder following an investigation.
The FCA’s warning highlights Odey’s “lack of candour” in dealings with both his firm, Odey Asset Management (OAM), and the regulator. The notice criticises his response to the misconduct allegations, describing his actions as “improper means to protect his own interests.”
Odey’s hedge fund, founded in 1991, previously gained attention for bold bets on the British economy, including substantial gains from the 2016 Brexit vote. However, the firm began to unravel after the Financial Times reported allegations of sexual harassment and assault against Odey in June 2023.
Several women, with personal or professional ties to Odey, accused him of abuse and harassment, with some alleging sexual assault—claims Odey has dismissed, calling them “rubbish” and labelling the investigation a “witch hunt.” He filed a libel lawsuit against the FT in May.
The FCA’s investigation, still underway, does not directly address the allegations of misconduct but condemns Odey’s response to both his firm and the regulatory process. According to the FCA, Odey showed “reckless disregard” for OAM’s governance, resulting in breaches of regulatory requirements.
Odey has the right to respond to and potentially appeal the FCA’s findings. The regulator has not specified the exact measures it may take, but the action could range from fines and public censure to restrictions on his professional role in the financial sector.
