Exclusive: EBC claims of stealing against former UK Director grow to $3.5 million

EBC Financial Group has increased its claims against a former UK director to approximately $3.5 million, according to additional regulatory filings made by its London-based subsidiary. The retail FX and CFDs broker originally reported a £747,000 write-off in its 2023 fiscal year, alleging that a former director misappropriated company funds. At the time, David Barrett, who had recently stepped down as CEO and director of EBC UK, was the only former director of the entity.

New filings show EBC UK recorded a £717,500 exceptional item in fiscal 2024 and a further £1,191,500 in fiscal 2025. Combined, the write-offs total £2,656,000, or roughly $3.5 million. The firm may book additional write-offs in its fiscal 2026 statements after the current financial year ends on September 30, 2026.

Alongside the increased provisions, EBC injected £3.8 million into EBC UK in April 2026 to shore up the subsidiary's capital base. The group said the move was part of broader steps to strengthen governance and financial oversight after the issue was identified. EBC UK continues to operate normally.

EBC has also been rebuilding its UK leadership following Barrett's departure. The company recently hired Rudy Rehal from Evolution Markets and Pepperstone executive Zack Ioannou to head and expand its UK operation.

In a statement, EBC Financial Group said the matter relates solely to operational funds belonging to EBC Financial Group (UK) Limited. The company said no client funds were involved or affected at any stage and that client assets remain securely segregated and protected in line with regulatory requirements. It added that the matter is under investigation by UK regulatory and law enforcement authorities and that the company is cooperating fully, while declining to comment further at this stage.