The tribunal, which hears appeals against FCA decisions, found that Odey had acted “recklessly” and deliberately obstructed an internal investigation into multiple sexual‑misconduct allegations, breaching the regulator’s rules.
The ruling upheld all five FCA allegations, including claims that Odey threatened the watchdog’s staff and prioritized his own interests over the safety of Odey Asset Management (OAM), its employees and investors.
Odey, 67, had argued that the disciplinary hearing should focus solely on the alleged misconduct and not on his fitness to work in finance, but the tribunal rejected that distinction, describing his conduct as a “remarkable absence of self‑awareness” and “unfit to work in financial services.”
The FCA’s chief counsel, Clare Sibson KC, highlighted that Odey repeatedly tried to rewrite the history of events, submitted false evidence and used the appeal as a vehicle for self‑preservation rather than accountability.
The fine, reduced from an initial £1.8 million claim, now stands at £1.53 million ($2.89 million). Odey has two weeks to lodge a further appeal, though the tribunal’s decision marks a decisive victory for the regulator.
The case resurfaced decades‑long accusations of sexual harassment and assault against Odey, including a 1998 indecent‑assault charge from which he was acquitted in 2021, and a 2020‑2022 wave of civil claims from 13 women alleging misconduct dating back to 2003.
Odey’s attempts to keep the allegations out of the FCA hearing failed; the tribunal heard testimony that he had groped a female employee after a massage and tried to silence her, even blaming a dental sedative for his behaviour.
Beyond the regulatory battle, the decision effectively ends Odey’s career in the UK financial sector. He had previously closed OAM rather than sell his stake, citing personal pride, and the firm’s nameplate was removed from its London office in 2023.
Odey’s financial legacy includes high‑profile bets on the post‑9/11 insurance market, the 2008 financial crisis and the 2016 Brexit referendum, which earned him millions, but his reputation has been irreparably damaged by the tribunal’s findings and the renewed focus on his alleged misconduct.