SEC freezes assets of ‘New Utopia’

A scheme to build a new offshore tax haven called New Utopia off the coast of the Cayman Islands has collapsed following legal action by the Securities & Exchange Commission.
A federal judge in Tulsa, Oklahoma, this month granted the SEC’s application to freeze all money raised by Lazarus Long (a.k.a. Howard Turney) for his New Utopia project through a fraudulent bond offering.