Former hedge fund manager Crispin Odey has lost a legal appeal against a decision by the Financial Conduct Authority (FCA) to ban him from the UK financial sector and fine him over £1.8 million. The Upper Tribunal ruled that Odey had shown a pattern of disregarding rules and structures meant to protect consumers, acting in his own interests rather than adhering to professional standards. The FCA based its case on a 2021 report by the law firm Simmons & Simmons, which uncovered at least 46 historical allegations of inappropriate behavior toward female employees at his firm, Odey Asset Management (OAM), between 2003 and 2020. More recently, Odey was accused of sexually harassing a temporary receptionist at the end of 2021 and then removing two members of OAM’s executive committee (ExCo), which was investigating the incident. This action left Odey as the sole member of the committee and delayed the disciplinary process indefinitely. Odey’s legal team argued that he removed the ExCo members because he believed he was being treated unfairly and that the process would lead to his removal from the company. Odey himself denied the allegations and stated in court that he felt he had no choice but to remove the ExCo members. However, the tribunal, composed of Mr Justice Thompsell, Upper Tribunal Judge Rupert Jones, and Upper Tribunal member Cathy Farquharson, concluded that Odey lacked integrity in all the ways the FCA had alleged. They found that his stated reasons for removing the ExCo were not his true or immediate motivations and that many of the beliefs he claimed to hold were not even accurate at the time. Those he did hold were not reasonable but instead reflected a "warped set of values based on a strong sense of entitlement." The tribunal ruled that Odey intentionally hindered a disciplinary process meant to examine his conduct and ensure compliance with OAM’s internal policies. He refused to accept the authority of the ExCo as long as he believed it might make decisions he personally disagreed with or that were not in his interest. The tribunal also noted that Odey showed no remorse for his actions and viewed himself as a victim of both OAM and the FCA. His evidence during the proceedings demonstrated a lack of understanding of why his behavior—particularly removing the ExCo members—lacked integrity. In a detailed 229-page ruling, the tribunal reduced the original fine imposed by the FCA from £1,835,200 to £1,529,374. The tribunal emphasized that Odey’s conduct risked reinforcing a culture at OAM where inappropriate behavior toward female employees had become normalized. They also stated that none of Odey’s claimed justifications for his actions provided a reasonable defense for his behavior.