The UK Financial Conduct Authority (FCA) has decided to ban Crispin Odey, the founder of the multimillionaire of Odey Asset Management (OAM) in the financial services industry, and fined £1.8 million.
The FCA cited Odey’s lack of integrity and deliberate attempts to irritate the disciplinary process to protect his own interests related to the ongoing investigation of “inappropriate behaviour.”
“ODEY recklessly ignored OAM governance, ensuring that OAM violates certain regulatory requirements. Furthermore, the FCA believes Odey’s actions against both the OAM and the FCA are frankly lacking.
“The FCA has demonstrated that, taking into account Mr. Odey’s actions, is not the right person to perform functions related to regulated activities.”
FCA ban: Odey Appeals
The FCA says Odey violated individual Rule 1 of conduct. “The lack of integrity.”
Odey introduced the FCA’s decision to the Upper Court where he and the FCA present their case. Therefore, the decision notice is tentative and reflects “the FCA’s beliefs about what happened and how he should characterize his actions.”
Therese Chambers, co-executive director of enforcement and market surveillance at the FCA, commented: Odey repeatedly sought to avoid and sabotage his efforts to explain him. His lack of integrity means he deserves to be banned from the industry. ”
FCA questioned by the government
The news comes almost two years after the FT investigation reported a series of allegations of sexual harassment or misconduct from women who worked for the company or had social or professional dealings with Odey. Odey is taking legal action against the FT Group.
The FCA was also set on firea MP from the Ministry of Finance Select Committee quized Watchdog about the allegations and how much it knew about the actions it took.
On October 31, 2023, Odey Asset Management announced that it was shrinking its business.and the closures and transfers of various funds in some of the Odey Group.
Among other things, the funds were transferred to Lancaster Investment Management, SW Mitchell Capital, Bainbridge Partners and Cancode Genetty.
Morningstar previously revealed the impact of FT investigations on investor outflows. Two months after the story broke on June 8th, 2023 Approximately £600 million has been withdrawn from Odey Asset Management Strategies. After that, some funds were gated, others were closed, and some were left open with a confusing rush of company renewals.
Hearing, Warning: What led to the exit for Crispin Oddie?
Morningstar previously saw a series of events leading up to the February 2021 Crispin Odys Criminal TrialHe was found not to be guilty of indecent assault.
Meanwhile, the FCA outlined the timeline of events from the initial internal investigation by Odey Asset Management.
“On February 4th, 2021, after an internal investigation by OAM, Odey received a final written warning from the OAM Executive Committee (Exco) in connection with inappropriate behavior.”
The findings of fraud, detailed in the final written warning, stated that Odey had inappropriate physical contact with a female member of the staff. Inappropriate and/or professional comments were made for female members of staff. And, his actions made some staff members uncomfortable, whether intentional or not.
“On November 30, 2021, OAM had scheduled a disciplinary hearing to consider whether Mr. Odey violated the final written warning. However, on December 24, 2021, Odey deleted OAM’s existing Exco members using a majority stake in OAM and appointed him as the sole member of Exco. After that, Mr. Odey decided on January 6, 2022 that a disciplinary hearing for his conduct would be postponed indefinitely as he said he could not do so impartially.
“Mr. Odey appointed a new Exco member and resigned from Exco on January 12, 2022. However, following a disagreement on how to proceed with the disciplinary hearing, which was appointed as the sole member of Exco. Mr. Odey held his position at Exco until July 4, 2022, appointing two new Exco members.
“OAM’s disciplinary hearing was ultimately held on November 29, 2022. This took place nearly a year after it was originally scheduled.”
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