"The Financial Conduct Authority (FCA) fined Odey 1.8m and banned him from the financial services industry last year. It found that he had displayed a lack of integrity by attempting to frustrate an investigation by his own hedge fund into allegations of sexual harassment, which he denies."
"According to the regulator's opening submission, Odey wielded his power as the fund's majority shareholder to bypass governance structures and protect his own position in breach of City rules. The FCA claims he is not a fit and proper person to run a financial services company, having shown a reckless disregard for compliance."
"Odey's case against the FCA has previously led to the disclosure that an internal report into his conduct uncovered at least 46 historical allegations of inappropriate conduct towards female employees."
Crispin Odey, a multimillionaire financier, is pursuing legal action against the Financial Conduct Authority following his 1.8 million pound fine and industry ban imposed last year. The FCA determined that Odey lacked integrity by attempting to obstruct his hedge fund's investigation into sexual harassment allegations, which he denies. An internal report uncovered at least 46 historical allegations of inappropriate conduct towards female employees. Odey's fund, Odey Asset Management, subsequently closed. He faces multiple concurrent legal challenges, including a 79 million pound libel claim against the Financial Times and civil personal injury claims from five women, with joint proceedings scheduled for June. Odey contends that FCA officials harbored hostile bias against him.
#financial-regulation #sexual-misconduct-allegations #legal-disputes #fca-enforcement #financial-services-industry
Read at www.theguardian.com
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