Arlo Devlin-Brown

January 20, 2021, Covington Alert

Based on the top-line numbers, 2020 was a banner year for U.S. Foreign Corrupt Practices Act (“FCPA”) enforcement. We saw several record-setting fines as U.S.-recovered penalties from corporate resolutions totaled more than $2.75 billion—the highest on record; and a new company entered the all-time U.S. recoveries Top 10 resolutions list. While some commentators ...

January 13, 2021, Covington Alert

On January 1, 2021, the United States Congress enacted the Anti-Money Laundering Act of 2020 (the “AMLA”), as part of the National Defense Authorization Act (the “Act”). The AMLA includes extensive and fundamental reforms to anti-money laundering (“AML”) laws in the United States, including the Bank Secrecy Act (“BSA”). We described the principal reforms — ...

December 11, 2020, Covington Alert

On December 8, 2020, the House passed the National Defense Authorization Act (the “NDAA” or “Act”), which includes over 200 pages of significant reforms to the Bank Secrecy Act (“BSA”) and other anti-money laundering (“AML”) laws that have been working their way through Congress for several years. Despite some remaining objections from President Trump and ...

November 21, 2020, CoinTelegraph

Arlo Devlin-Brown spoke with CoinTelegraph about the DOJ’s Cryptocurrency Enforcement Framework and its extension of prosecution outside U.S. borders. Mr. Devlin-Brown says, “The DOJ has consistently taken the position that U.S. criminal jurisdiction extends to activity with minimal ties to the U.S., and U.S. courts have in many cases embraced the DOJ's ...

November 1, 2020, CoinTelegraph

Arlo Devlin-Brown is quoted in CoinTelegraph regarding the DOJ’s crackdown on cryptocurrency enforcement. Mr. Devlin-Brown says, “I suspect that this task force, like other DOJ task forces, is seeking to complete outstanding reports prior to a potential change of administration in January. That said, I don’t think this issue is particularly relevant to electoral ...

September 29, 2020, Covington Alert

Last week, a divided Securities and Exchange Commission amended its whistleblower rules, hailing the changes as adding “clarity, efficiency and transparency to its successful whistleblower program.” Although the agency made a large number of changes to the program, the amendments should not have a significant overall effect on SEC whistleblower activity, which ...

September 21, 2020, Covington Alert

 On September 16, 2020, the Financial Crimes Enforcement Network (“FinCEN”) issued an Advance Notice of Proposed Rulemaking (the “ANPR”) seeking public comment on significant potential amendments to anti-money laundering (“AML”) regulations under the Bank Secrecy Act (“BSA”). The ANPR proposes three principal changes to the current BSA/AML regime — in ...

August 14, 2020, Covington Alert

On August 13, 2020 the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency (the Agencies) issued joint guidance to clarify and update their policies with respect to the enforcement of the Bank Secrecy Act’s (BSA’s) anti-money laundering (AML) program requirement.[1] ...

July 21, 2020, Covington Alert

On July 17, 2020, Commonwealth Edison Company (“ComEd”), an Illinois utility company, entered into a deferred prosecution agreement (the “DPA”) with the U.S. Department of Justice (“DOJ” or the “Department”) to resolve allegations of bribery under 18 U.S.C. § 666, which prohibits theft or bribery concerning programs receiving federal funds. Aside from the ...

July 6, 2020, Covington Alert

            On June 29, 2020, the Financial Crimes Enforcement Network (“FinCEN”) released guidance regarding financial institutions’ Bank Secrecy Act (“BSA”) and anti-money laundering (“AML”) risk considerations with respect to hemp-related businesses.[1] The guidance is intended to enhance the access of lawful hemp-related businesses to financial services and ...

January 30, 2020, Covington Alert

It has been another strong year in anti-corruption enforcement, with 2019 meeting or beating the high-water mark for enforcement across a number of measurements.

January 8, 2020, Covington Alert

In United States v. Blaszczak,[i] a divided panel of the Second Circuit held that the federal wire fraud statute and a rarely used securities fraud statute criminalize insider trading beyond the reach of what is covered by the statute historically used to prosecute the offense. The decision may lead to an increase in insider trading prosecutions, including those ...

Q1 2019, Covington Alert

It was business as usual for FCPA enforcement in 2018. The U.S. Department of Justice (“DOJ”) and the U.S. Securities and Exchange Commission (“SEC”) collected a total of $1 billion from seventeen corporate defendants, including through their share of two high-value, multi-jurisdictional enforcement actions. DOJ also announced thirteen new FCPA prosecutions ...

Winter 2019, Covington Alert

It was business as usual for FCPA enforcement in 2018. The U.S. Department of Justice (“DOJ”) and the U.S. Securities and Exchange Commission (“SEC”) collected a total of $1 billion from seventeen corporate defendants, including through their share of two high-value, multi-jurisdictional enforcement actions. DOJ also announced thirteen new FCPA prosecutions ...

October 5, 2018, Covington Alert

Over 3,000 commenters submitted letters to the Securities and Exchange Commission ("SEC") concerning the agency's recently proposed amendments to its whistleblower rules. This response reflects the perceived importance of the SEC's proposal to companies and employees.

September 21, 2018, Bank Director

July 19, 2018, Covington Alert

Last week, in SEC v. Cohen, a federal district court dismissed an SEC enforcement action, in its entirety, on statute-of-limitations grounds. Most notably, citing the Supreme Court’s 2017 Kokesh decision, the court held that the injunction sought by the SEC in the case "would function at least partly to punish Defendants and is therefore a penalty" for purposes ...

June 14, 2018, Covington Alert

This week has brought three significant developments in Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”) regulation and legislation.

February 28, 2018, Covington Report

In the highly politicized world of investigations involving Members of Congress and congressional staff, taking the right steps in the first hours and days can mean the difference between a swift resolution and a years-long crisis.

February 28, 2018, Bloomberg

Arlo Devlin-Brown is quoted in a Bloomberg article examining the uptick in European investors' using expert networks. “There’s no question that expert-networking firms can be misused by securities traders to obtain material non-public information from company insiders,” says Devlin-Brown. In Europe, “the securities industry would be well advised to use ...

February 23, 2018, Covington Alert

On Wednesday, the Supreme Court issued its much-anticipated decision in Digital Realty Trust, Inc. v. Somers. Ruling 9-0, the Court held that the Dodd-Frank Act prohibits retaliation against whistleblowers only if they reported suspected wrongdoing directly to the SEC.

January 25, 2018, Covington Advisory

Our message this year is simple: FCPA enforcement is here to stay. Despite pre-election statements to the contrary, various senior officials in the U.S. Department of Justice (“DOJ”) and U.S. Securities and Exchange Commission (“SEC”) have, over the past year, consistently reaffirmed DOJ’s and the SEC’s commitment to FCPA enforcement.

November 17, 2017, MSNBC

Arlo Devlin-Brown appeared MSNBC to discuss money laundering concerns that might arise when a company or individual licenses its name to another company for use. According to Devlin-Brown, "The fact that it was licensing its name really doesn't make a difference at all in terms of how U.S. money laundering law operates."

August 3, 2017, GamblingCompliance

Arlo Devlin-Brown is quoted in a Gambling Compliance article regarding the crackdown by U.S. law enforcement on offshore gambling following the conclusion of Bodog founder Calvin Ayre's U.S. criminal case. According to Devlin-Brown, the resolution of Ayre’s case, “very likely reflects the fact-specific circumstances and cleaning up of an old case rather than the ...

July 31, 2017, Law360

Arlo Devlin-Brown is quoted in a Law360 article regarding the complications surrounding political contributions for lawyers working with the public sector following the indictment of Allentown Mayor Ed Pawlowski. According to Devlin-Brown, "The Supreme Court has indicated that in the context of campaign contributions, compared to other benefits that go to ...

July 19, 2017, The New York Times

Former Chief of the Public Corruption Unit for the U.S. Attorney's Office in the Southern District of New York Arlo Devlin-Brown is quoted by The New York Times in an article regarding trends in jury selection. Generally, prosecutors look for “people who are community-minded,” like people who are married, employed in a role that requires dealing with others or ...

July 14, 2017, New York Law Journal

The New York Law Journal highlights an article by Arlo Devlin-Brown and Erin Monju on the Supreme Court's decision in McDonnell. “The reality is that McDonnell is of limited significance: It prevents prosecutors from bringing only the weakest of public corruption cases, those where the prosecution lacks even circumstantial evidence that a corrupt payoff was for ...

June 7, 2017, Covington Alert

On Monday, in Kokesh v. SEC, the Supreme Court handed a major loss to the Securities and Exchange Commission, unanimously holding that SEC claims for disgorgement of ill-gotten gains are subject to a five-year statute of limitations. The Kokesh decision also calls into question the proper measure of disgorgement (e.g., gross versus net profits) and even whether ...

June 7, 2017, Covington Alert

On Monday, in Kokesh v. SEC,1 the Supreme Court handed a major loss to the Securities and Exchange Commission, unanimously holding that SEC claims for disgorgement of ill-gotten gains are subject to a five-year statute of limitations. For decades, the SEC had taken the position that its disgorgement claims could reach back indefinitely, and recently obtained a ...

May 19, 2017, New York Law Journal

The New York Law Journal describes the plea agreement with the Department of Justice obtained by Arlo Devlin-Brown in his representation of Anthony Weiner in connection with the federal investigation into the exchange of sexually explicit messages with a minor. While Mr. Weiner could have been charged with an offense requiring a mandatory minimum sentence of 15 ...

May 19, 2017, The New York Times

The New York Times highlights Arlo Devlin-Brown's representation of Anthony Weiner during a federal investigation into the exchange of sexually explicit messages with a minor. Under Devlin-Brown's counsel, Weiner entered into a plea agreement which ended the investigation on May 19, 2017. Devlin-Brown said that his client had “accepted full responsibility” for ...

March 13, 2017, The Street

Arlo Devlin-Brown is quoted by The Street in an article regarding the removal of Preet Bharara from his position as U.S. Attorney General of the Southern District of New York by the Trump Administration and its effect on the future of financial enforcement prosecutions. According to Devlin-Brown, "Historically, U.S. attorneys for the Southern District of New ...

March 13, 2017, Law360

Arlo Devlin-Brown is quoted in a Law360 article regarding the effect of the removal of Preet Bharara from his position as U.S. Attorney General of the Southern District of New York on the independence of the Office. "[Bharara] wasn’t afraid of losing, and I think that made a big difference and inspired confidence in the prosecutors who worked for him," says ...

February 1, 2017, Global Investigations Review

Arlo Devlin-Brown is quoted by Global Investigations Review in an article analyzing the rise in the number of large corporate settlements found in this year’s “GIR Enforcement Scorecard.” According to Devlin-Brown, once the DOJ finds evidence of misconduct at one institution, it often investigates if the same kind of wrongdoing is taking place at similar ...

January 30, 2017, New York Law Journal

January 10, 2017, Covington Alert

“Call the office asap!” Those may be the most feared words in the English language for Chiefs of Staff to Members of Congress. This primer covers what to do when that call reveals that a Member or staffer is under federal investigation.

December 6, 2016, Fortune

Arlo Devlin-Brown is quoted in a Fortune article regarding the significance of the Supreme Court’s decision to uphold the insider trading conviction of Bassam Salman. “The government was concerned because [the Newman decision] would have left large holes in the insider trading law,” says Devlin-Brown. “Salman largely fixes that.”  Devlin-Brown adds, however, ...

December 6, 2016, The Wall Street Journal

Arlo Devlin-Brown is quoted by The Wall Street Journal in an article regarding the Supreme Court’s ruling in the Salman case which restores some of the power the government lost in a 2014 federal case relating to insider trading prosecutions.  According to Devlin-Brown, “The problem with the word friend is that it is very elastic. People have dozens of Facebook ...

December 6, 2016, Law360

Arlo Devlin-Brown is quoted in a Law360 article regarding the significance of the Supreme Court’s insider trading case involving Bassam Salman. According to Devlin-Brown, “I think it’s a big win for the DOJ and the SEC, and it really clears a path towards more aggressive insider trading enforcement.” Devlin-Brown adds that the holding in Salman covers “nearly ...

December 6, 2016, Reuters

Arlo Devlin-Brown is quoted by Reuters in an article regarding the Supreme Court’s ruling in the Salman case which makes it easier to prosecute insider trading cases. According to Devlin-Brown, the decision also "leaves open the question of whether someone who is at the boundaries of what would be considered a real friend could count, like a minor acquaintance."

November 30, 2016, The New York Times

Arlo Devlin-Brown is quoted by The New York Times in an article regarding Preet Bharara’s intention to remain as U.S. Attorney in the Southern District of New York under President-elect Donald Trump. According to Devlin-Brown, “Preet has shown as a prosecutor that he is willing to take on the political establishment.” He continues, “He’s also shown he can win. ...

November 30, 2016, Reuters

Arlo Devlin-Brown is quoted in a Reuters article regarding Preet Bharara’s decision to remain as U.S. Attorney for the Southern District of New York after Donald Trump becomes president. According to Devlin-Brown, “I think Preet is an independent, law enforcement-minded prosecutor who loves his job and is clearly talented in it.”

November 14, 2016, The New Yorker

In a New Yorker article regarding potential conflicts of interest in President-elect Donald Trump’s administration, Arlo Devlin-Brown comments on the importance of avoiding even ‘the appearance of impropriety’ for companies doing business with the Trump Organization.

November 13, 2016, The Wall Street Journal

Arlo Devlin-Brown is quoted by The Wall Street Journal in an article regarding the uncertainty surrounding the types of cases the U.S. Justice Department will pursue during Donald Trump’s presidency. According to Devlin-Brown, “It is only in rare circumstances that a leadership change impacts prosecutions or well-developed investigations already in progress at ...

October 14, 2016, Law360

September 8, 2016, The New York Times

Arlo Devlin-Brown is quoted in a New York Times article regarding the Department of Justice’s decision to end its corruption case against Robert McDonnell. According to Devlin-Brown, “When a new legal standard is articulated by the Supreme Court and there’s a need to potentially retry the case, prosecutors make a very particularized assessment as to whether, No. ...

August 8, 2016

NEW YORK—Arlo Devlin-Brown, most recently the Chief of the Public Corruption Unit in the U.S. Attorney’s Office for the Southern District of New York and one of its top securities fraud prosecutors, has joined Covington as a partner in its white collar defense and investigations practice resident in the firm’s New York office. Mr. Devlin-Brown has served in the ...

August 8, 2016, NY Daily News

Arlo Devlin-Brown is quoted in a NY Daily News article regarding a potential increase in activity from the U.S. Attorney’s office in the Southern District of New York ahead of a possible change in leadership. “I’ve never been pressured, or heard of anyone else having been pressured, to push a case out faster because of an expected departure.” He continues, “The ...

June 7, 2016, The New York Times

Lanny Breuer is quoted in a New York Times article regarding the upcoming arrival of Arlo Devlin-Brown to the firm’s white collar defense and investigations practice. According to Breuer, “[Devlin-Brown] has this exceptional level of experience, having done securities cases and corruption cases.” He continues, “He’ll very quickly become a central figure of the ...