Crispin Odey, the hedge fund manager who made £220 million betting on Brexit, has hit a major setback.
Odey, a high-profile Leave supporter, made his fortune after predicting the financial markets would crash following the Brexit vote — and they did. His gamble paid off big time, but now his luck seems to have run out.
Odey’s Brexit Bet
When Britain voted to leave the EU, Odey saw it coming — and made a killing. He famously pocketed £220 million by betting on a market collapse after the Brexit result.
At the time, he couldn’t hide his excitement. “There’s that Italian expression, ‘Al mattino ha l’oro in bocca’ – the morning has gold in its mouth,” he said. “Never has one felt so much that idea as this morning.”
But even then, he admitted feeling uneasy. “I still think tomorrow they are going to take it all away from me. I’ve lived for too long in the Euro world. You might have been up all night but, you know, I’m feeling fresh as a daisy.”
Banned and Fined – Here’s Why
Fast forward to 2025, and Odey’s golden touch has turned to dust. The Financial Conduct Authority (FCA) has banned him from working in the City and slapped him with a £1.8 million fine.
The punishment comes after Odey was found to have deliberately tried to “frustrate” a disciplinary investigation into sexual harassment allegations.
The FCA launched its investigation in September 2021. Odey’s alleged misconduct took place between December 2021 and November 2022. The regulator said his behaviour raised wider concerns about the culture of the financial industry.
Therese Chambers, the FCA’s joint executive director of enforcement, didn’t hold back:
“A culture of silence in which allegations of misconduct are not dealt with effectively can put consumers and markets at risk,” she said. “Mr Odey repeatedly sought to evade and obstruct efforts to hold him to account. His lack of integrity means he deserves to be banned from the industry.”
Odey Isn’t Backing Down
Despite the ruling, Odey isn’t going quietly. In December, he launched a £79 million libel lawsuit against the Financial Times. He claims the newspaper’s articles about allegations of sexual assault and harassment have caused him “very significant financial loss.”
Odey insists he’s the victim here — but the FCA clearly sees it differently.
Karma or Misfortune?
From Brexit millions to a City ban — Crispin Odey’s downfall has been swift and brutal. So, was it bad luck or karma finally catching up with him?
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