(This story has been updated with additional details and quotes from an attorney for Brent David Willis.)
A former CEO of a publicly traded CBD beverage company that marketed drinks licensed by the estate of Bob Marley lied to investors and the public about the size of distribution deals with Walmart and the U.S. military in an attempt to boost the struggling firm’s future, according to federal securities regulators.
In charges filed Oct. 18 in federal court in Denver, the U.S. Securities and Exchange Commission alleged that Brent David Willis, the former CEO of NewAge, “made numerous materially false and misleading public statements” about the company’s fortunes during investors conferences and earnings calls as well as in the media between July 2017 and July 2019.
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The agency alleged that Willis was engaged in a “multi-year fraud.”
The lies pumped the share price of NewAge’s stock – once a high-flier
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