Hedge fund tycoon Crispin Odey took the stand at the High Court in his case against the City watchdog, as he faced questions over his alleged behaviour toward young female employees at his eponymous hedge fund.
Odey said he had a “very flirtatious relationship” with one of the women who alleged sexual harassment against him, noting others were “jealous” of that relationship.
The disgraced Odey sued the Financial Conduct Authority (FCA) after it issued him with a £1.8m fine last March and banned him from working in the financial services industry following allegations of sexual assault.
At the heart of the dispute are two former receptionists who each brought formal complaints of sexual harassment against Odey.
While he admitted to making inappropriate comments and engaging in “flirtatious behaviour” that made employees uncomfortable, he maintained that his interactions were consensual and not intended to harass.
In cross-examination, he said his relationship with a woman, identified as TH, was a flirtation but that he had agreed early on that it would go nowhere.
However, the court heard of text messages sent after Odey and TH (who was in her 20s) went on lunch together, where Odey said he “wished it had carried on all afternoon and into bed”.
The financier, dressed in a blue shirt, pink tie and braces, noted, “She is a dangerous girl… I was 60, she was 25.”
‘Sacked for being a flirt’
The FCA Silk put it to Odey that during “the entire [interaction], you were the owner of the business in which this young woman worked,” to which he agreed.
TH was terminated from her employment as a receptionist of Odey Asset Management (OAM), and Odey told the court, “She was sacked for being a flirt”.
The barrister, Fountain Court’s Clare Sibson KC, pointed out the power imbalance between TH and Odey, to which he said, “They may believe that I was powerful,” adding he “wasn’t in charge of anybody” at the time.
The Silk out it to Odey, “You were the ultimate controller and owner and had the power to dismiss”, adding that he is also a “large man”.
Odey stated, “I thought when I was talking to [receptionists] I was making them feel comfortable, that was okay when I was 30 years old, but when I was 60 years old [it was different].”
In his witness statement, he acknowledged that he had been “something of a dinosaur” and failed to adapt to the modern working environment.
After she was dismissed by OAM, the court heard that Odey contacted her to offer her money from his “own pocket” but she had contacted a lawyer.
She wore ‘frumpy’ clothes
Another former receptionist who filed a complaint against Odey, identified as CE, claimed Odey made her feel uncomfortable.
It was alleged that he asked CE where she bought her clothes and suggested taking her shopping. The court heard Odey thought she had a “frumpy” style as she wore trousers instead of dresses.
The Silk asked if this was a degrading way to speak about a former employee.
“I was trying to make sure that she understood that she had one important part in the business, and that important part was how the firm looked from the first impression,” he told the court.
Evidence was read out in court where Odey had previously said: “I was bullying [CE] to try to get her to wear better clothes.”
He was also said to label CE as a “ghastly older sister who didn’t want anyone else to have fun”.
It was suggested to the court that CE was envious of his relationship with TH, but the barrister noted that CE was strongly supportive of TH’s allegations against Odey.
Odey was already labelled as a ‘sex pest’
Odey admitted to groping his PA’s breasts following an appointment at the dentist, which he blamed on the sedation he received during his appointment.
Asked if he had sexually assaulted her, Odey said: “Of course, I admit to grabbing her breast.”
He added: “It wasn’t entirely innocent in nature. But it was understandable. And she accepted that.”
When it was put to him that women would feel “shocked and violated” by such behaviour, he said: “I do know that and I am deeply embarrassed about this.”
This comes after the first week of the trial when the court heard that a former OAM chief executive, Tim Pearcey, labelled Odey as a “sex pest” and a “sociopath” to the City watchdog.
The court also heard that Odey allegedly threatened to “shut down” his eponymous hedge fund if he was dismissed by its board or it proceeded with investigations into his alleged misconduct against his wishes.
Odey will continue on the stand at the High Court until Thursday.
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