The SEC has reached a settlement with NewAge for breaches of the Securities and Exchange Act.
By a 19 October ruling, NewAge agreed to a cease.
The SEC filed a separate lawsuit against former NewAge CEO Brent David Willis (right) on October 18.
The post linked above describes Willis’ falsehoods from 2017 to 2019 in full.
Willis was misled about distribution arrangements for NewAge’s drinks, which resulted in financial gain for the corporation.
Willis’s actions on behalf of (NewAge), (NewAge) violated the Securities Act and the Exchange Act.
The absence of a monetary component in NewAge’s stop and desist letter differentiates the firm from Willis’ actions.
In deciding to accept the Offer, the Commission examined the corrective measures taken by the Respondent and the staff’s participation.
In light of this, and perhaps about the SEC’s action against Willis, NewAge’s cease-and-desist notice also states that they “agree to attend and be examined by Commission employees.” This includes subpoenas and depositions, and it extends to NewAge employees and “third-party consultants under its authority.”
How or even if this will play a role in Willis’s case is unknown.
In September 2022, NewAge filed for Chapter 11 bankruptcy protection. The corporation is anticipated to emerge from bankruptcy at some time under John R. Wadsworth’s ownership.
NewAge runs the network marketing firms, Noni, by NewAge and Ariix.
