Crispin Odey has failed to overturn a ban from working in UK financial services after a tribunal upheld the Financial Conduct Authority’s decision to sanction him for reckless disregard of governance and putting his hedge fund in breach of regulatory requirements. The Upper Tribunal reduced his fine from £1.8mn to £1.5mn but confirmed the ban, marking an almost complete victory for the FCA. Judges found Odey had lacked integrity, acted with reckless disregard for company rules, and was motivated by self-interest to avoid accountability.

His beliefs were described as reflecting a warped set of values based on entitlement. The verdict is the latest blow to Odey’s reputation three years after he was forced out of Odey Asset Management following FT-published allegations of sexual harassment and assault by multiple women. It comes two months after he settled personal injury claims from five women for sexual assault, including a rape allegation, and after dropping a libel suit against the FT over its reporting.

Odey, a former Conservative Party donor and Brexit supporter who gained fame betting against British banks in 2008, faced over 46 allegations during a three-week hearing, including falsifying documents, bullying, and attempting to silence victims. Former CEO Timothy Pearey called him a “sex pest” and “sociopath.” Odey admitted to groping a colleague in 2005 but claimed she accepted his apology and he was under dental sedative. He framed himself as a victim of regulator efforts to tackle misconduct, calling inappropriate behavior a “dinosaur” mindset.

While the tribunal focused on governance failures, it said the sexual misconduct allegations remained relevant to the case.