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By any statistical measure, fiscal year 2012 was a banner period for criminal enforcement at the Department of Justice’s Antitrust Division. In FY 2012, the Antitrust Division collected a record $1.1 billion in criminal fines for antitrust violations, breaking the previous high of $1 billion during FY 2009.1 FY 2012 also saw a record set for total prison days sentenced for individual antitrust offenders, with sentences averaging 25 months.2 The increases came during a year when headline-grabbing criminal convictions were secured in several major economic sectors such as the $3.7 trillion municipal bonds derivatives market and the $70 billion market for LCD screens.

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