Hedge Fund Millionaire banned by City Watchdog
Fund manager Crispin OD has been provided provisionally banned from working in financial services and a fine of £ 1.8M for “lack of integrity” by the UK regulator.
Financial Conduct Authority (FCA) said Mr. Odie attempted to “disappoint” a disciplinary process in allegations of sexual harassment against him, and his conduct proved that he was “a fit and appropriate person to do any task related to regulated activities”.
Allegations of misconduct – strongly denied by Mr. Ode – the first reports were reported financial TimesWhich posted claims of 13 women in 25 years. Mr. OD has issued a complaint proceedings against the paper.
Mr. Ode, who now established the Defect Hedge Fund OD Asset Management (OAM), is challenging the FCA’s decision, which is provisional.
In his conclusions, the regulator stated that Mr. Ode “deliberately sought to disappoint the disciplinary processes of OAM in his conduct to protect his own interests”.
It said that Mr. Ode used his majority stake in the OAM to remove the existing members of his executive committee, a few weeks ago he was scheduled to be present for a disciplinary hearing in January 2022.
After this, he appointed himself as the only member of the committee and decided that the disciplinary hearing in his conduct would be indefinitely. Since then he was postponed as he said he was unable to operate it with impartiality.
Joint Executive Director of Enforcement and Market Inspection at the FCA, Theresi Chambers said: “A culture of silence in which allegations of misconduct are not effectively dealt with, can put consumers and markets at risk.
“Mr. Odie repeatedly tried to remove and interrupt the efforts to save him. Lack of his integrity means that he is worthy of being banned from the industry.”
Since a comprehensive investigation by the Financial Times, Oam struggled to rebuild the trust with investors and several major banks cut relations with the firm.
Hedge fund is the process of disintegration Other firms will be transferred along with activities.
