UBS yet another Madoff victim?

A Luxembourg-based fund run by Switzerland's biggest bank UBS invested $1.4 billion (934 million pounds) with Bernard Madoff, the U.S. fund manager accused of running a $50 billion fraud, Swiss weekly NZZ am Sonntag said on Sunday.

UBS declined to comment on the size of fund, which the newspaper called Luxalpha.

Spokesman Christoph Meier told Reuters: "Madoff was not on our recommended list of direct investment options." More...

See also:

1. Ripples of Madoff scandal spread everywhere...
2. The Bernard Madoff scam: Top investors 'hit by $50bn con...'
3. UBS to stop offshore banking for US residents...