UNITED STATES SECURITIES AND EXCHANGE COMMISSION

   LITIGATION RELEASE NO. 16110 \ April 9, 1999

   SECURITIES AND EXCHANGE COMMISSION v. LAZARUS R. LONG (a/k/a Howard
   Turney), individually and doing business as NEW UTOPIA  Civil Action No.
   99CV0257BU(M), USDC, ND/OK, (Tulsa Division)

        Today Judge Michael Burrage, United States District Judge for the
   Northern District of Oklahoma, Tulsa Division, granted the Commission's
   request for an emergency restraining order to halt a fraudulent
   nationwide Internet scheme involving the offer and sale of a bogus $350
   million bond offering.  According to the Commission's Complaint, Lazarus
   R. Long, a/k/a/ Howard Turney, and doing business as New Utopia, used an
   Internet website called "New Utopia" to entice and solicit investor funds
   for the development of a supposed new "tax haven" country called "New
   Utopia."  This new country would be located approximately 115 miles west
   of the Cayman Islands.  According to its website, New Utopia is a country
   that will rise from the Caribbean on giant concrete platforms built on an
   underwater land mass.  In addition to offering the unregistered bonds,
   Long represented that currency investments in New Utopia would yield up
   to a 200% market rate of return.  "Prince" Long used E-mail to tell
   investors that they could buy a New Utopia government 5 year note at
   9.5%, and invited them to become charter citizens of the new country.
   Long has also touted his Internet offering through the use of print and
   radio media, including the London Times, Dallas Morning News and a
   nationally syndicated radio show.  The complaint reveals that Long's
   Internet website received over 100,000 Internet "hits."  The site itself
   is over 100 (printed) pages with electronic links to numerous other
   sites.

        The order entered on April 8, 1999, by Judge Burrage, temporarily
   enjoins Long from violating the federal securities laws, and includes
   orders freezing all funds raised by Long and requiring Long to make an
   accounting of funds received.  Judge Burrage has scheduled another
   hearing for April 13, 1999, to further consider the Commission's
   temporary restraining order and its request to have Long surrender his
   passport and repatriate any funds held at any bank or financial
   institution not subject to the jurisdiction of the Court.

        In its complaint, the Commission alleges that Long violated Sections
   5(a), 5(c) and 17(a) of the Securities Act of 1933 and Section 10(b) of
   the Securities Exchange Act of 1934, and Rule 10b-5 thereunder.  The
   Commission also seeks an order permanently enjoining Long, an order
   requiring disgorgement of all wrongfully obtained profits, with
   prejudgment interest, and civil penalty.