Former NewAge CEO Consent Judgment - Securities Fraud and Disclosure Violations

SEC Litigation Releases

Filed March 31st, 2026

Detected April 1st, 2026

Summary

The SEC obtained a final consent judgment against Brent David Willis, former CEO of NewAge, Inc., for making false and misleading public statements from July 2017 through April 2019 and aiding and abetting selective disclosure of material nonpublic information. Willis agreed to a $175,000 civil monetary penalty and a five-year officer and director bar, without admitting or denying the allegations.

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What changed

The United States District Court for the District of Colorado entered a final consent judgment against former NewAge CEO Brent David Willis on March 25, 2026. The SEC's complaint alleged that from approximately July 2017 through April 2019, Willis made numerous false and misleading statements in press releases, earnings calls, investor conferences, and interviews, and aided and abetted NewAge's selective disclosure of material nonpublic information. The judgment permanently enjoins Willis from violating Sections 17(a)(2) and (a)(3) of the Securities Act of 1933 and from aiding and abetting violations of Section 13(a) of the Securities Exchange Act of 1934 and Regulation FD.

Corporate executives and public companies should review their public communications and disclosure practices to ensure compliance with securities laws. The case underscores the SEC's focus on accurate public statements and Regulation FD compliance. Companies should implement robust controls over earnings communications and investor relations activities to prevent similar enforcement actions.

What to do next

Review public communications policies for compliance with Sections 17(a)(2) and (a)(3) of the Securities Act
Ensure investor communications and earnings call procedures comply with Regulation FD
Update insider trading and selective disclosure controls to prevent material nonpublic information leaks

Penalties

$175,000 civil monetary penalty and five-year officer and director bar

Source document (simplified)

Brent David Willis

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26516 / March 31, 2026

Securities and Exchange Commission v. Brent David Willis., 22-cv-02744 (D. Colo. filed Oct. 18, 2022)

SEC Obtains Consent Judgment as to Former CEO of NewAge, Inc.

On March 25, 2026, the United States District Court for the District of Colorado entered a final consent judgment as to Brent David Willis in the SEC’s civil enforcement action against him.

The SEC’s complaint, filed on October 18, 2022, alleged that from approximately July 2017 through April 2019, Willis, while CEO of NewAge, Inc., made numerous false and misleading public statements in press releases, earnings calls, investor conferences, and interviews, and aided and abetted NewAge’s selective disclosure of material nonpublic information.

Without admitting or denying the allegations in the SEC’s complaint, Willis consented to a final judgment that: (1) permanently enjoins him from violating Sections 17(a)(2) and (a)(3) of the Securities Act of 1933 by, directly or indirectly, making any false or misleading statement, or disseminating any false or misleading documents, materials, or information, concerning matters relating to a decision by an investor or prospective investor to buy or sell securities of any company; (2) permanently enjoins him from aiding and abetting violations of Section 13(a) of the Securities and Exchange Act of 1934 and Regulation FD; (3) orders him to pay a civil monetary penalty of $175,000; and (4) imposes a five-year officer and director bar against him.

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.

Resources

Final Judgment

CFR references

17 CFR 243.100-243.103

Named provisions

Sections 17(a)(2) and (a)(3) of the Securities Act of 1933 Section 13(a) of the Securities Exchange Act of 1934 Regulation FD Officer and Director Bar