Former Denver Beverage CEO Settles with SEC for $175K

Brent Willis barred from leading public firms for 5 years after allegations of inflating sales claims

Apr. 8, 2026 at 10:51am

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Brent Willis, the former CEO of defunct Utah-based beverage company NewAge Inc., has reached a settlement with the U.S. Securities and Exchange Commission. The settlement includes a $175,000 fine and a 5-year ban on leading public firms, though Willis did not admit to any wrongdoing. The SEC had previously accused Willis of making false claims about distribution deals to inflate NewAge's stock price.

Why it matters

This case highlights the SEC's efforts to crack down on corporate executives who allegedly make misleading statements to boost their company's stock price. It also raises questions about the challenges of regulating fast-growing, publicly-traded companies in the dietary supplements and beverages industry.

The details

According to the SEC, NewAge was losing money in 2017 when Willis began making inflated claims about the company's business deals to artificially inflate its stock price. The regulator alleged that Willis falsely claimed NewAge had a 1,500-store deal with 7-Eleven when it was actually for only 250 stores, and that a Dutch supermarket chain had agreed to sell its probiotic water in 2,000 locations when the real number was 74. When Willis announced a purported deal with the U.S. military to put NewAge products in 240 commissaries and 3,100 strip malls worldwide - when the actual numbers were zero commissaries and two strip malls - NewAge's stock price rose 24%. By 2019, the company's market cap had reached $500 million.

  • In October 2022, the SEC filed a lawsuit against Willis and NewAge.
  • On March 25, 2026, Willis reached a settlement with the SEC.

The players

Brent Willis

The 66-year-old former CEO of NewAge Inc., a now-defunct Utah-based company that made drinks, vitamins and supplements. Willis was accused by the SEC of making false claims to inflate NewAge's stock price, though he denied wrongdoing.

U.S. Securities and Exchange Commission (SEC)

The federal agency that regulates the securities industry and enforces federal securities laws. The SEC filed a lawsuit against Willis and NewAge in October 2022 over the alleged false claims.

Michael Diver

The lawyer representing Brent Willis in his settlement with the SEC.

NewAge Inc.

The now-defunct Utah-based company that made drinks, vitamins and supplements, where Brent Willis served as CEO from 2016 to 2022.

ProHawk

The artificial intelligence startup in Florida that Brent Willis co-founded after being sued by the SEC.

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What they’re saying

“It's very significant that the SEC dropped the intentional fraud charges against Mr. Willis. It's one key reason Mr. Willis fought this case from the beginning.”

— Michael Diver, Lawyer representing Brent Willis

What’s next

The SEC settlement bars Brent Willis from leading a public company for 5 years.

The takeaway

This case highlights the challenges regulators face in policing misleading claims by executives at publicly-traded companies, especially in fast-moving industries like dietary supplements and beverages. It also underscores the importance of transparency and accountability for corporate leaders.