Hedge Fund Manager Odey Claims Anesthesia Caused Groping Incident at Tribunal
Former hedge fund manager Crispin Odey has told a tribunal he groped a female colleague's breasts because he was under the influence of general anesthesia following a dental procedure. The 67-year-old financier, once among Britain's wealthiest hedge fund managers, made the extraordinary claim during his testimony at the Upper Tribunal in London as he seeks to overturn his ban from the UK financial industry.
Decades of Allegations and Substantial Fine
Odey faces allegations of inappropriate conduct on at least 46 separate occasions between 2003 and 2020. The Financial Conduct Authority banned him from the industry in March 2025 and imposed a substantial £1.8 million fine, citing a "lack of integrity" in response to multiple misconduct allegations. The tribunal heard that more than half of these alleged incidents involved two receptionists at his firm, Odey Asset Management.
Clare Sibson KC, representing the FCA, detailed how Odey had groped a colleague's breasts on one occasion. Odey acknowledged the incident occurred in 2005 but claimed he was "under the influence" of general anesthesia from a dental procedure at the time. He told the tribunal he had "apologised profusely" immediately following the incident.
Receptionists Targeted and Inappropriate Comments
The tribunal heard disturbing details about Odey's alleged behavior toward female staff members. One complaint described how Odey referred to a receptionist as a "dangerous girl" and "delicious" in what appeared to be attempts at flirtation. Another woman reported that Odey made daily comments about her clothing and repeatedly offered to take her shopping.
Odey addressed the clothing complaints by explaining he believed the woman wore "frumpy" dresses that could negatively impact people's "first impressions" of the company. However, he conceded that "in hindsight" he should have taken such concerns to human resources rather than addressing them directly with the employee.
Self-Reflection and Regret
During his testimony, Odey expressed embarrassment about his behavior and acknowledged how his actions might have been perceived. "I might have got it wrong, but actually, I thought when I was talking to the receptionist that that was just making them feel comfortable," he told the tribunal.
"It was perfectly alright when I was 25, 35, but by the time I was 60, and I was still doing the same thing, they thought 'creepy old man' and looking back I can see that that was the wrong thing," Odey continued. He specifically noted the inappropriateness of believing "a 25-year-old was at all interested in a 60-year-old man," calling such thinking "an old man's dream, a silly one."
Additional Allegations and Defense
Sibson presented further evidence suggesting Odey sent inappropriate text messages to a colleague after a business lunch, allegedly writing that he wished their time together could "carry on all afternoon and in bed." Odey denied this allegation during cross-examination.
The tribunal also heard that Odey received a final written warning for his conduct, which he allegedly breached in 2021 by sexually harassing a temporary receptionist. In his defense, Odey suggested in a witness statement that he had become "a poster boy" for what he characterized as the FCA's "agenda."
Tribunal Proceedings and Expected Conclusion
The hearing before Mr Justice Thompsell, Upper Tribunal Judge Rupert Jones, and Upper Tribunal member Cathy Farquharson represents Odey's attempt to challenge the FCA's decision to ban him from the financial industry. The trial, which began with Odey's testimony on Tuesday, is scheduled to conclude later this month as the tribunal considers both the extensive allegations against him and his defense arguments.
Odey maintains his denial of the allegations while acknowledging that some of his behavior may have been misinterpreted or inappropriate. The case highlights ongoing concerns about workplace conduct in the financial sector and the regulatory response to allegations of misconduct against prominent industry figures.
