NewAge has settled violations of the Securities and Alternate Act with the SEC.
As per an October nineteenth order, NewAge consented to a stop and desist.
NewAge’s violations are tied to the actions of former CEO Brent David Willis (proper), who the SEC individually sued on October 18th.
The linked article above covers intimately Willis’ lies, made throughout 2017 to 2019.
Lengthy story quick, Willis lied about distribution agreements pertaining to NewAge’s drinks, which benefited the corporate financially.
On account of the conduct of Willis on behalf of (NewAge), (NewAge) violated … the Securities Act … and the Alternate Act.
There’s no financial element to NewAge’s stop and desist, marking a distinction between NewAge as an organization and Willis’ conduct.
In figuring out to just accept the Supply, the Fee thought-about remedial steps taken by Respondent and cooperation afforded the Fee workers.
On that observe and probably in relation to the SEC’s litigation towards Willis, NewAge’s stop and desist additionally sees them”agreeing to look and be interviewed by Fee workers”. This contains depositions and subpoenas – and applies to NewAge workers and “third-party consultants inside its management”.
How and even whether or not this comes into play in Willis’ lawsuit stays to be seen.
NewAge filed for Chapter 11 chapter in September 2022. The corporate is predicted to emerge from chapter in some unspecified time in the future, beneath the new possession of John R. Wadsworth.
NewAge operates the MLM corporations Noni by NewAge and Ariix.