Crispin Odey, the founder and former head of Odey Asset Management, has lost his appeal against a lifetime ban from working in the City of London. The Upper Tribunal upheld the decision by the Financial Conduct Authority (FCA), which found Odey had acted with a "lack of integrity" by obstructing internal disciplinary processes related to allegations of sexual misconduct at his firm.

The FCA's enforcement action, originally announced in March of the previous year, also included a substantial financial penalty. While the original fine was set at approximately £1.83 million, tribunal judges reduced it to around £1.53 million as part of the ruling. The regulator’s case centered on Odey’s efforts to frustrate investigations by dismissing the executive committees responsible for overseeing disciplinary procedures as they attempted to examine complaints against him.

The allegations stemmed primarily from complaints made between 2003 and 2021, with numerous instances of inappropriate behavior alleged towards female employees. The FCA highlighted that Odey not only interfered with the governance of his firm but also risked perpetuating a workplace culture in which sexual misconduct was inadequately addressed or tolerated. He was accused of breaching the terms of a final written warning after allegedly harassing a receptionist in 2021, following prior reports from 2020.

According to the tribunal judgment, Odey’s actions were driven by self-interest and an unwillingness to submit to proper internal oversight. The ruling stated that he "deliberately frustrated a disciplinary process" and showed a continued lack of insight into the seriousness of his conduct. Judges described his behavior as reflecting “a warped set of values based on a strong sense of entitlement” and confirmed that none of his justifications for removing the executive committees were acceptable.

Odey, who founded his hedge fund in 1991 and gained prominence after successfully betting against bank shares before the 2007-09 financial crisis, also had a public profile as a political donor and supporter of pro-Brexit campaigns. His firm once managed assets estimated at $13 billion before being significantly affected by the fallout from the misconduct allegations.

Therese Chambers, director of enforcement and market oversight at the FCA, criticized Odey for acting as if he were above accountability, accusing him of distorting the facts and portraying himself unfairly during the hearing. In contrast, lawyers representing Odey argued that his actions were based on a belief that the disciplinary process was unjust and designed to force him out of the company. Requests for comment from Odey himself went unanswered.