The Securities and Exchange Commission has filed charges against former NewAge Inc. Chief Executive Brent David Willis, accusing him of a “multi-year fraud” that included misleading public statements meant to promote the wellness-focused beverage maker that once hoped to take advantage of the nation’s CBD craze.
The SEC alleged that Willis’ statements created the “illusion” that NewAge was a pioneer in beverages containing CBD — a cannabis compound that is viewed as non-intoxicating — and that its beverage products overall were taking off with big retailers and distributors worldwide, in an effort to boost the company’s financials and stock price.
‘Enforcement 40’ for 2020
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