A Ferrari-loving British bond trader is being sued in London court after his $2.6 billion bet against US Treasuries at the outbreak of the COVID-19 pandemic backfired — costing Wall Street giants an estimated $250 million in losses, according to a report.
Singapore-based Jan Ralph, convinced the coronavirus threat was overblown, enlisted firms including Goldman Sachs, Citigroup and Wells Fargo to help him short Uncle Sam’s debt, Bloomberg reported.
Ralph’s tiny firm Blackbrook Asset Management Ltd., which held net assets of just $235,000, amassed trades more than 11,000 times that amount, the financial news outlet said.
The firm folded on March 10, 2020, after oil prices cratered and investors flocked to safe-haven bonds. It has no ties to Blackbrook Capital, a real estate…
