British Hedge Fund Manager Fights Financial Industry Ban in London Court

Crispin Odey, founder of a major hedge fund, testified in London court Tuesday defending against a proposed ban from Britain's financial industry. The Financial Conduct Authority wants to bar him over allegations he interfered with sexual harassment investigations at his firm.

A prominent British hedge fund manager appeared in court Tuesday to challenge financial regulators’ attempt to permanently bar him from working in the country’s financial services sector.

Crispin Odey, who established Odey Asset Management in 1991, testified before London’s Upper Tribunal as part of his appeal against the Financial Conduct Authority’s proposed industry prohibition. The regulatory agency announced last year it planned to fine and ban Odey due to integrity concerns regarding how his former company handled sexual harassment allegations.

Odey gained significant recognition during the 2008 financial crisis when he earned substantial profits by betting against banking stocks. He subsequently became a prominent supporter of Brexit and contributed to the Conservative Party.

During Tuesday’s proceedings, the 67-year-old acknowledged feeling “deeply embarrassed” about an incident involving inappropriate contact with a staff member. In his witness statement, he admitted to being “something of a dinosaur” but largely defended his overall behavior.

The FCA contends that Odey intentionally undermined his company’s disciplinary procedures by removing executive committee members on two separate occasions in 2021 and 2022. Odey maintains he was attempting to safeguard OAM during what he described as an “existential crisis.”

When questioned about various allegations from female employees at OAM, including a 2005 incident where he allegedly gave an unwanted massage and inappropriate touching, Odey attributed his actions to medication from a dental procedure that day. The FCA’s attorney Claire Sibson suggested he had difficulty controlling himself around women, to which Odey responded: “No, this was 2005, we are now (in) 2026.”

Odey stated he apologized to the woman the following day and noted she remained employed at OAM for nearly ten more years. He also said he never intentionally made women uncomfortable and gained better understanding of his behavior following a disciplinary hearing, recognizing “it was not appropriate that I should be trying to chat up” younger employees.

This court appearance represents the first of two scheduled for Odey this year. A joint trial beginning in June will address his defamation lawsuit against the Financial Times alongside personal injury claims filed by five women against him.

In 2020, Odey faced criminal charges for allegedly sexually assaulting a woman in 1998, but was found not guilty in 2021.