(October 10 – 17:45 ET) – The Securities and Exchange Commission has filed an action against an imaginary country and its self-proclaimed monarch, Robert Moore.
The SEC’s complaint, filed in the U.S. District Court for the District of Hawaii, alleges that Moore is currently conducting a US$1 billion offering of “Enenkio Gold War bonds” on a www.Enenkio.org, through e-mail solicitations sent worldwide, and in postings to various Internet bulletin boards.
The SEC alleges that Moore’s offering materials represent that the bonds will pay a compound interest rate of 10% after five years and are “backed by gold reserves, guarantees, real property or other assets.” However, the SEC says Moore has no gold reserves and, therefore, no security, real property or otherwise, exists for the bonds.
Moore is doing business as The Kingdom of Enenkio, holding himself out to be its head of state. According to the SEC, the Kingdom of Enenkio is not recognized in any international forum as a sovereign state, nor is it a corporate or statutory entity. Moore, a resident of Hawaii, asserts ancestral tribunal rights to Wake Island and atolls in the Marshall Islands chain and claims an intention to develop its territories.
A visit to Moore’s site shows that he intends to use the proceeds to help fund the construction of a satellite and space vehicle launch pad, a 200-suite floating hotel that rides on the tides, a fleet of 100 fishing boats, 25 semi-portable coconut lumber mills, and other infrastructure programs.
Judge Susan Mollway granted a temporary restraining order against Moore from violating the anti-fraud and securities registration provisions of federal securities laws, requires him to provide an accounting, and froze his assets.
-IE Staff