(Reuters) -
Police in several European countries have raided more than 80 properties in a
probe by German prosecutors into stock market manipulation, the Munich
prosecutors office said Thursday.
The
office's spokesman said the raids Wednesday were into suspected cases of market
manipulation, insider trading and fraud.
Fifty-three
sites in Germany were searched, 29 in other European countries and four outside
Europe.
He declined
to identify the people or any companies under suspicion, saying only a
double-digit number of people were involved.
"The
investigation is at an early stage. The analysis could take a while," the
spokesman said, adding that it could take years.
He said
that there were "some similarities" to four recent Munich court cases
where people running stock market newsletters and tip sheets targeted at retail
investors had been tried for market manipulation.
Two of the
cases, which also implicated members of a shareholder rights lobby group, have
ended with confessions, suspended prison sentences and fines. The
remaining cases are still being tried.
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