FNG Exclusive… FNG has learned that China based Retail FX and CFDs broker EBC Financial Group is accusing a former Director of its UK-based, FCA-regulated arm EBC Financial Group (UK) Ltd of misappropriating funds from the company’s bank account.
EBC write-off
EBC UK has taken a write-off of £747,000 (just under USD $1 million) as a result.
According to regulatory filings made by the company, the matter is currently under investigation by authorities, whilst EBC is considering its legal options.
Former Director
EBC did not name the former Director it accuses of taking the funds in the regulatory filings. However, the filings (which relate to EBC UK’s 2023 fiscal year) were formally submitted by the company on May 22, 2026. Several weeks prior to that, longtime EBC UK CEO and Director David Barrett left the company, as was also exclusively reported at the time here at FNG. And, David Barrett is the only former Director of EBC UK.
EBC UK was incorporated in 2020, and received FCA authorization in 2021. David Barrett had served as CEO of EBC UK since its inception, and also was Director and CEO of EBC Financial Group (Cayman) Ltd, until leaving the company earlier this year, as noted above. The only other Director of EBC UK since its inception is COO Christopher Potts, who remains at EBC UK. After David Barrett left EBC, the company’s controlling shareholder, Qin Huazheng, was also added to the UK Board.
FNG has spoken to representatives of EBC, and has reached out to David Barrett, but both parties have declined to comment on the matter.
About EBC
EBC Financial (website ebc.com), which sponsors FC Barcelona as its Official Partner in Foreign Exchange, has offices globally but is run mainly from Hong Kong and China. EBC has licensed subsidiaries in the UK, Australia, and South Africa, as well as offshore in St. Vincent and the Grenadines, Mauritius, Comoros, and the Cayman Islands. The company focuses mainly on Chinese and other Far East based traders. EBC is controlled by Chinese national Qin Huazheng.
