LONDON -- Swiss bank Union Bancaire Privée kept hundreds of millions of dollars of its wealthy clients' money in Bernard Madoff's alleged Ponzi scheme despite warnings from its own research team, according to people familiar with the matter.
While others in the investment community had questioned Mr. Madoff's strategy and chosen to stay away, the instance offers a rare sign that red flags were raised within one of the large institutions that actually invested with Mr. Madoff.
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