New Utopia
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| Type of entity: | Micronation |
| Location: | Misteriosa Bank, Caribbean Sea |
| Area claimed: | n/a |
| Membership: | |
| Date of foundation: | |
| Leadership: | Prince Lazarus I (Lazarus Long) |
| Purported organisational structure: | Constitutional monarchy |
| Language: | English |
| Purported currency: | New Utopian Crown (UTC) |
The Principality of New Utopia[1] is a micronation project established and operated by Lazarus Long (a.k.a. Howard Turney).[2]
The project was publicised by various media outlets in Europe and the United States. In an article about fake nations, Quatloos.com called "New Utopia" a "fake nation scam".[1] The micronation was also briefly mentioned as a scam in a Business Week e.biz online article[3] and in a Wired News piece;[4] the latter noted, however, that "Turney... firmly maintains his intention to build the archipelago paradise once he raises enough cash".
Long operated a web site to promote the so-called micronation "tax haven", which he claimed was to be constructed on concrete platforms at the Misteriosa Bank 115 miles west of the Cayman Islands.[5][6] He offered US$350 million in unregistered bonds[7] and also promoted a currency purchase program by promising returns of up to 200 percent.[5]
The U.S. Securities and Exchange Commission (US SEC) termed New Utopia a "fraudulent nationwide Internet scheme",[1] finding that Long had raised US$24,000 from the sales of securities in the enterprise.[2] The SEC's case against Long (SEC v. Lazarus Long) ended with a settlement in 2000, which stipulated that Long cease the sale of the bonds and other "material misrepresentations"[2] regarding the project and repay the US$24,000 he had collected thus far. The latter condition was subsequently waived due to Long's inability to pay.[7] Long continues to maintain that the project is real and offers 'charter citizenship' to individuals who "contribute" at least US$10,000 (recently increased from US$1,500).[8]
New Utopia's "UK Pro Consul" was interviewed by Danny Wallace for his 2005 BBC2 series about micronations, How to Start Your Own Country.[citation needed]
[edit] References
- ^ a b c "EXHIBIT: Fake Nations", Quatloos.com. Retrieved 30 May 2007.
- ^ a b c US SEC ruling
- ^ McNamee, Mike, "Invest in Freedonia!", Business Week e.biz, 11 December 2000. Retrieved 8 May 2007.
- ^ Blumberg , Alex, "It's Good to Be King", Wired 8.03, March 2000. Retrieved 8 May 2007
- ^ a b McMillan, Alex Frew. "Beware of Net stock scams", CNN Money, 2000-04-25. Retrieved on 2007-05-09.
- ^ Perlman, Jay. "Securities Fraud: Bogus Offerings", The Motley Fool, 2000-02-23. Retrieved on 2007-05-09.
- ^ a b Reagan, Brad. "Strange -- but Not True", The Wall Street Journal, 2002-01-14. Retrieved on 2007-05-09.
- ^ Citizenship & Nationality. Principality of New Utopia. United Earth Group of Companies. Retrieved on 2007-05-09.
[edit] External links
