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.
Criminal Enforcement
Potentially crippling criminal liability for Sherman Act violations gives the Justice Department a large stick with which to deter unlawful anticompetitive behavior. While only individuals can be sent to prison, both corporations and individuals can be convicted of criminal antitrust violations and subjected to significant criminal fines for those offenses.3 Individuals convicted of violating the Sherman Act face a maximum penalty of 10 years imprisonment and a $1 million fine; companies can be fined up to $100 million.4 The maximum fine for a Sherman Act charge can, however, exceed both of these metrics, as the cost may be increased to twice the loss suffered by the victims of the crime or twice the amount gained from the violation.
