New Utopia, officially the Principality of New Utopia, is a micronation claiming the Misteriosa Bank, an unclaimed undersea rise of land in the Caribbean Sea off the Cayman Islands where it is hoped to build structures raised up from the underwater land. It was first proclaimed on 13 April 1999 by American businessman Howard Turney ("Prince Lazarus"), under the name Lazarus Long; the project has recently been revived (in early 2017). The project was founded in 1995 when Lazarus Long, the founder of New Utopia, came across a shallow unclaimed underwater area in the Caribbean Sea. He then filed a claim with the United Nations. Long raised up to $100 million from investors from all over the world, with a majority coming from the United States. Then, the U.S. Securities and Exchange Commission (US SEC) termed New Utopia a "fraudulent nationwide Internet scheme", and complained that Long had made "material misrepresentations and omissions concerning, among other things, the status of construction of the project, the companies associated with the project, the safety of the investment, and the status of the Commission's investigation into his activities." The SEC's case against Long (SEC v. Lazarus Long) ruled against Long. More information...
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