TITLE: United States Securities and Exchange Commission Obtains Consent Judgment Against Former NewAge Chief Executive
BODY:
On March 25, 2026, the United States District Court for the District of Colorado entered a final consent judgment against Brent David Willis, former chief executive officer of NewAge, Inc., in a civil enforcement action brought by the Securities and Exchange Commission (SEC).
The SEC's complaint, filed on October 18, 2022, alleged that from July 2017 through April 2019, Willis made numerous false and misleading public statements in press releases, earnings calls, investor conferences, and interviews while serving as CEO. The complaint also alleged that Willis aided and abetted NewAge's selective disclosure of material nonpublic information.
Without admitting or denying the allegations, Willis consented to a final judgment that: permanently enjoins him from violating Sections 17(a)(2) and (a)(3) of the Securities Act of 1933 by making or disseminating any false or misleading statements or documents concerning matters relating to investor decisions to buy or sell securities; permanently enjoins him from aiding and abetting violations of Section 13(a) of the Securities and Exchange Act of 1934 and Regulation FD (Fair Disclosure); orders him to pay a civil monetary penalty of $175,000; and imposes a five-year officer and director bar against him, prohibiting him from serving as an officer or director of any public company.
The SEC's litigation was led by Damon Taaffe under the supervision of David Nasse. The SEC's investigation was conducted by James Bresnicky and Edward Gerard, and supervised by J. Lee Buck, II and Pei Y. Chung.
REFERENCES:
Securities and Exchange Commission. Litigation Release No. 26516 (March 31, 2026). Available at: https://www.sec.gov/litigation/litreleases/2026/lr26516.htm