Hedge fund manager Crispin Odey claimed he groped woman because he was under general anaesthetic, tribunal hears

A former hedge fund manager claimed he groped a colleague's breasts because he was under general anaesthetic, a tribunal has heard. 

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

He was banned from the UK finance industry last March and fined £1.8m for a "lack of integrity" following allegations of inappropriate conduct.

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

Clare Sibson KC, for the FCA, told how Mr Odey had groped a colleague's breasts on one occasion.

Mr Odey said it happened in 2005 because he was "under the influence" of a general anaesthetic following a dental procedure and that he "apologised profusely" at the time.

More than half of the instances of alleged inappropriate conduct were towards two of his receptionists at his firm Odey Asset Management, the tribunal heard.

One complaint alleged Mr Odey described one of his receptionists as a "dangerous girl" and "delicious" in an effort to flirt with her.

He told the tribunal on Tuesday that, at the time of his approaches, he thought he was "just making them feel comfortable". But in hindsight he realised he came off like a "creepy old man".

Mr Odey said it was "inappropriate" to believe "a 25-year-old was at all interested in a 60-year-old man."

He said he was "embarrassed" but believed that his behaviour was "entirely innocent in nature".

He added: "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.

"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.

"One of the inappropriate things was to believe that a 25-year-old was at all interested in a 60-year-old man.

"That was an old man's dream, a silly one."

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Ms Sibson also said that Mr Odey later texted the woman after a lunch that he wished it could "carry on all afternoon and in bed".

"You make it clear in no uncertain terms you wanted to go to bed with her," Ms Sibson told him at the tribunal, which Mr Odey denied.

Another woman complained that Mr Odey made daily comments asking to see her clothing and offered to take her shopping, Ms Sibson said.

Mr Odey explained it was because she wore "frumpy" dresses which could impact people's "first impressions" of the company - but "in hindsight" he should have taken the matter to HR.

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

But in a witness statement, Mr Odey said he believed he became "a 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.

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