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A millionaire who was a hedge fund investor is was banned by City watchdog

Fund manager millionaire Crispin Odey was temporarily barred from working in financial services and was fined PS1.8m from the UK regulator for an "lack of integrity".

Fund manager millionaire Crispin Odey was temporarily barred from working in financial services and was fined PS1.8m from the UK regulator for an "lack of integrity".Financial Conduct Authority (FCA) stated that Mr. Odey had tried to "frustrate" a disciplinary process to investigate sexual harassment claims against his character, and his actions showed the FCA that he was "not a fit and proper person to perform any function related to regulated activities".The allegations of misconduct - which were completely dismissed by Mr Odey was first reported within The Financial Times, that published claims from 13 women in a span of 25 years. Mr Odey has launched libel actions against the publication.Mr. Odey who was the co-founder of the hedge fund that has since gone out of business, Odey Asset Management (OAM) He is challenging the FCA's decision which is only provisional.In its report the regulator stated that the defendant Odey "deliberately sought to frustrate OAM's disciplinary processes into his conduct to protect his own interests".It claimed that the accused Odey utilized his majority stake in OAM to remove the previous members of the executive committee just a few weeks before the time he was scheduled to appear at an disciplinary hearing in January 2022.He was then appointed as the sole committee member and determined that the hearing into his conduct should be indefinitely delayed as he stated that he was not able to conduct the hearing in a fair and impartial manner.Therese Chambers, the joint executive director of market supervision and enforcement at the FCA She stated: "A culture of silence that is characterized by accusations of misconduct aren't properly dealt with can expose markets and consumers to risk."Mr Odey repeatedly sought to evade and obstruct efforts to hold him to account. His lack of integrity means he deserves to be banned from the industry."After the wider investigation conducted by The Financial Times, OAM struggled to restore trust with investors, and a few major banks resigned their ties to the company.Hedge funds are currently being decommissioned and its activities are being transferred to different firms.
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