Hedge fund manager claimed he touched woman because he was under general anaesthetic, tribunal hears

A former hedge fund manager claimed he touched a colleague’s breasts as she was under general anaesthetic, a tribunal has heard.

Crispin Odey, 67, once one of Britain’s richest hedge fund managers, was previously accused of inappropriate conduct at least 46 times between 2003 and 2020.

Last March, he was banned from the UK finance industry following allegations of inappropriate conduct and fined £1.8m for “lack of integrity.”

Mr Odey, who began giving evidence at the Upper Tribunal on Tuesday in London, denies the allegations and intends to challenge the authority’s decision.

Claire Sibson Casey, for the FCA, told how Mr O’Day had on one occasion touched a colleague’s breasts.

Mr Odey said it happened in 2005 because he was “under the influence” of general anaesthetic after a dental procedure and he “probably apologised” at the time.

The tribunal heard that more than half of the cases of alleged inappropriate conduct were against two of his receptionists at his firm, Odey Asset Management.

One complaint alleged Mr O’Day described one of his receptionists as a “dangerous girl” and “delicious” in an attempt to flirt with her.

She told the tribunal on Tuesday that, at the time of his contact, she thought he was “just making her feel comfortable.”. But he later realised that he came across as a “creepy old man”.

Mr O’Day said it was “unreasonable” to believe that “a 25-year-old man had any interest in a 60-year-old man.”

He said he was “embarrassed” but believed his behaviour was “completely innocent”.

He added, “Maybe I misunderstood it, but actually, when I was talking to the receptionist, I thought it made her feel comfortable.

“When I was 25 or 35, it was absolutely fine, but when I turned 60, and I was still doing the same thing, they thought ‘creepy old man’ and looking back, I realise that was the wrong thing.

“One of the unreasonable things was to believe that a 25-year-old man had any interest in a 60-year-old man.

“That was an old man’s dream, silly.”

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Ms. Sibson also said Mr. O’Day later messaged the woman after lunch, saying he wanted it “to last all afternoon and go to bed.”

“You unequivocally expressed your desire to go to bed with him,” Ms Sibson told him at the tribunal, a claim Mr O’Day denied.

Another woman complained that Mr O’Day would make daily comments, ask to see her clothes and offer to take her shopping, Ms Sibson said.

Mr O’Day explained that the incident was because he was wearing “loose” clothes which could have affected people’s “first impression” of the company – but “ultimately” he should have taken the matter to HR.

The tribunal heard how Mr. Odey was given a final written warning – which he allegedly breached by sexually harassing a temporary receptionist in 2021.

But in a witness statement, Mr. Odey said he believed he had become the “poster boy” for the FCA’s “agenda.”

The trial before Mr. Justice Thompsell, Upper Tribunal Judge Rupert Jones, and Upper Tribunal Member Cathy Farquharson is due to conclude later this month.