The Financial Conduct Authority (FCA) has accused Odey Asset Management founder Crispin Odey (pictured) of showing a “reckless disregard” for the firm’s governance in an attempt to delay a disciplinary process into his conduct.
The regulator published the notice on its website on 1 November, showing it had issued Odey with a warning of potential action against him for a breach of conduct rules on 18 September.
The warning relates to Odey’s use of his majority shareholding to dismiss the Odey Asset Management executive committee on 24 December 2021, weeks before he was due to attend a disciplinary hearing into his conduct.
See also: FCA reveals scope of investigations into Crispin Odey and Odey AM
The hearing was then indefinitely postponed as Odey – being the sole member of the committee – said he was unable to conduct it with impartiality.
A new executive committee was then appointed on 12 January 2022, with Odey stepping down. The new board was then dismissed at the end of March.
The disciplinary hearing was held in November 2022 following further executive committee appointments.
The FCA alleges that Odey’s actions demonstrated a “lack of integrity”, saying they were “deliberately designed” to frustrate the disciplinary process.
Odey was acquitted of indecent assault in March 2021 after he was accused of having groped a young female banker at his home in 1998.
The Financial Times released a report in June last year detailing allegations of sexual assault or harassment made by 13 women against Odey over a period of 25 years. Odey denies the allegations.
Odey Asset Management is currently in the process of winding up.
