SEC v. Brent David Willis — U.S. Securities and Exchange Commission Litigation Release No. 26516, dated March 31, 2026.
The SEC charged Brent David Willis, former CEO of NewAge, Inc., for making false and misleading public statements and enabling selective disclosure of nonpublic information. Willis consented to a judgment permanently barring him from violating securities laws, paying a $175,000 penalty, and serving as an officer or director for five years.
In Plain English
Imagine a company's CEO was like a tour guide for investors. The SEC said this CEO wasn't honest about what was happening with the company. He told people things that weren't true in press releases and calls, and he also secretly told some people important news before telling everyone else. To settle the case, he agreed to stop doing that, pay a fine, and can't be a boss or board member at a public company for five years.
Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.
How the Alleged Scheme Worked
- CEO Makes Public Statements Brent David Willis, as CEO of NewAge, Inc., made numerous public statements. These statements were made through various channels including press releases, earnings calls, investor conferences, and interviews between July 2017 and April 2019.
- Statements Alleged to be Misleading The U.S. Securities and Exchange Commission (SEC) alleged that these public statements were false and misleading. The complaint specifically states that these communications concerned matters relating to an investor's decision to buy or sell securities.
- Selective Disclosure of Information In addition to misleading public statements, Willis was accused of aiding and abetting NewAge, Inc.'s selective disclosure of material nonpublic information. This means he helped the company share important, non-public news with certain people before it was made available to the general public.
- SEC Files Complaint The SEC filed its complaint detailing these allegations on October 18, 2022, in the U.S. District Court for the District of Colorado. The case number is 22-cv-02744.
- Willis Consents to Judgment Without admitting or denying the SEC's allegations, Brent David Willis consented to a final judgment. This judgment was entered by the court on March 25, 2026.
- Permanent Injunctions Issued The final judgment permanently enjoins Willis from violating Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933. This prohibits him from making false or misleading statements or disseminating false or misleading documents concerning securities transactions.
- Aiding and Abetting Bar Willis is also permanently enjoined from aiding and abetting violations of Section 13(a) of the Securities Exchange Act of 1934 and Regulation FD. This specifically targets his involvement in selective disclosure of material nonpublic information.
- Officer and Director Bar Imposed Furthermore, the judgment imposes a five-year officer and director bar against Willis. This prevents him from serving as an officer or director of any issuer with a class of securities registered under Section 12 of the Exchange Act or required to file reports under Section 15(d).
- Civil Penalty Ordered Willis is ordered to pay a civil monetary penalty of $175,000. This penalty is to be paid in four installments over one year.
The Enforcement Action
On March 25, 2026, the U.S. District Court for the District of Colorado entered a final consent judgment against Brent David Willis, former CEO of NewAge, Inc. The SEC's complaint, filed October 18, 2022, alleged that from July 2017 to April 2019, Willis made numerous false and misleading public statements and aided and abetted the company's selective disclosure of material nonpublic information. Without admitting or denying the allegations, Willis consented to permanent injunctions against violating Sections 17(a)(2) and 17(a)(3) of the Securities Act and Section 13(a) of the Exchange Act and Regulation FD. He was ordered to pay a $175,000 civil penalty and is subject to a five-year officer and director bar.
Named in this action: Brent David Willis.