New Utopia

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The Principality of New Utopia was part of an investment scam by Lazarus Long ^[1] The U.S. Securities and Exchange Commission charged that Lazarus Long offered $350,000,000 worth of unregistered bonds for sale, in violation of SEC rules. Long agreed to a consent judgment in the amount of $24,000, which was never paid on account of Long's status as a retiree with no assets. ^[2].

1 Project goals
- 1.1 Location and construction
- 1.2 Progress to date
2 References
3 External links

[edit] Project goals

The self declared of the New Utopia project is to create a new country on a manmade island, with a government based on libertarian principles. The project was announced in the mid 1990s by Oklahoma resident Lazarus Long, his family and business associates. It is generally dismissed by those who see Long's claims as overstated and unattainable.

[edit] Location and construction

The site selected for New Utopia is an underwater reef — the Misteriosa Bank in the Caribbean Sea - approximately equidistant from Mexico, Honduras and Cuba, with a surface area of over 400 square kilometers with an average depth of 20 meters.

Draped in the New Utopian flag, "Prince" Lazarus Long displays one of the libertarian new country project's passports.

The project has not been recognized as an independent state by the U.N. or any sovereign state. Mr. Long and his colleagues have many documents on the New Utopia web site claiming some form of legal authority after extensive research. One such document is the Constitution of the Principality of New Utopia, which was signed on 20 July 1999.

[edit] Progress to date

To date the only tangible evidence of this "nation" coming into existence is the placing of a buoy anchored to the seabed of this submerged peak of a sea mountain range that appears to have been claimed by the Cayman Islands. The placing of the buoy was filmed by a German film crew and broadcast by ARTE television on satellite.^{[citation needed]}

In the time that Mr. Long has been promoting this project, a number of construction deadlines have come and gone with no progress made. Mr. Long alleges this is due to the developers. No documentary evidence for development has ever been produced. Reportedly, individuals have purchased bonds, passports, currency and other memorabilia related to New Utopia, although many believe there is little chance that Mr. Long, his family and associates will ever be able to obtain the extensive funding necessary to create or operate their dream.