Crispin Odey has failed to overturn a ban preventing him from working in the UK financial services sector, marking a significant setback for the former hedge fund manager. A regulatory tribunal upheld the Financial Conduct Authority’s (FCA) decision to bar the 67-year-old from the industry, though it reduced his fine from £1.8 million to £1.5 million.

The FCA initially imposed the sanctions last year, citing Odey’s “reckless disregard” for governance and his role in placing his hedge fund in breach of regulatory standards. The tribunal’s ruling largely sided with the regulator, concluding that Odey demonstrated “lack of integrity” and showed “no contrition” for his actions.

Central to the FCA’s case was Odey’s decision to dismiss the hedge fund’s board twice, moves viewed as attempts to obstruct disciplinary proceedings addressing multiple allegations of sexual harassment by female employees. The tribunal noted that Odey’s conduct appeared motivated by a “warped set of values based on a strong sense of entitlement,” and that removing executives responsible for investigating him likely discouraged other staff from reporting misconduct.

The proceedings revealed more than 46 separate claims of sexual harassment, as well as accusations involving falsifying expense reports and meeting minutes, misleading investors, bullying colleagues, and misleading the regulator. Timothy Pearcey, the hedge fund’s former chief executive, characterized Odey as a “sex pest” and a “sociopath,” highlighting what he described as Odey’s problematic attitude toward women.

This ruling comes amid ongoing efforts by Odey to rebuild his reputation following his departure from the hedge fund he founded three years ago. His exit followed a detailed public investigation into sexual harassment allegations, and more recently, he settled personal injury claims made by five women that included an allegation of rape. Odey also withdrew a libel lawsuit against a financial publication shortly before the tribunal’s decision.

Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said Odey “felt the rules shouldn’t apply to him and acted to save his own skin.” The tribunal’s judgment reaffirmed the regulator’s stance and signaled a strong message about accountability within the financial industry.