Crispin Odey loses appeal against FCA fine and industry ban
Hedge fund founder Crispin Odey has lost his appeal against a roughly £1.8 million fine and an industry ban imposed by Britain's financial regulator.
British hedge fund founder Crispin Odey has lost his challenge to a roughly £1.8 million ($2.43 million) fine and an industry ban, after London's Upper Tribunal dismissed his reference on Monday.
The penalty and prohibition were announced last year by Britain's Financial Conduct Authority (FCA), which concluded that Odey had shown a lack of integrity in the way his now-defunct firm, OAM, handled complaints of sexual harassment brought by female staff.
Odey contested the regulator's decision by referring it to the Upper Tribunal, a body that hears challenges to certain decisions by UK authorities. That reference was rejected on Monday, leaving the FCA's action in place.
The case centred on the internal disciplinary investigation at OAM and how the allegations made against Odey were dealt with by the firm. The FCA's finding of a lack of integrity formed the basis for both the financial penalty and the ban from working in the industry.
The tribunal's ruling brings the appeal to a close, upholding the regulator's original sanctions against the hedge fund manager.