New Utopia

Principality of New Utopia
Micronation
Leadership Prince Lazarus I (Lazarus Long)
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] in which he claimed the country's sovereignty had been recognised by the 'Principality of Thaumaturgy'.

See also

Sealand fortress.jpg Micronations portal

References

  1. ^ a b c "EXHIBIT: Fake Nations", Quatloos.com. Retrieved 30 May 2007.
  2. ^ a b c US SEC ruling
  3. ^ McNamee, Mike, "Invest in Freedonia!", Business Week e.biz, 11 December 2000. Retrieved 8 May 2007.
  4. ^ Blumberg , Alex, "It's Good to Be King", Wired 8.03, March 2000. Retrieved 8 May 2007
  5. ^ a b McMillan, Alex Frew (2000-04-25). "Beware of Net stock scams". CNN Money. http://money.cnn.com/2000/04/25/investing/q_stockscam/. Retrieved 2007-05-09. 
  6. ^ Perlman, Jay (2000-02-23). "Securities Fraud: Bogus Offerings". The Motley Fool. http://www.fool.com/specials/2000/sp000223fraud2.htm. Retrieved 2007-05-09. 
  7. ^ a b Reagan, Brad (2002-01-14). "Strange -- but Not True". The Wall Street Journal. http://online.wsj.com/article/SB1011814966963452360.html. Retrieved 2007-05-09. 
  8. ^ "Citizenship & Nationality". Principality of New Utopia. United Earth Group of Companies. http://www.newutopia.org/UK%20PNU%20Site%20Page%2010%20Citizen%20Page.htm. Retrieved 2007-05-09. 

External links


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