On May 15, 2018, the Department of Justice’s (DOJ) Antitrust Division appointed Richard Powers as its new Deputy Assistant Attorney General (DAAG) for Criminal Enforcement. The selection of Mr. Powers— – who will be serving on an acting basis until his appointment receives all the necessary administrative approvals, concludes a nearly yearlong process to fill the Antitrust Division’s most senior criminal enforcement position.
As the DAAG for Criminal Enforcement, Mr. Powers will oversee the day-to-day operations of the Antitrust Division’s criminal enforcement program and will be a key decision maker in determining whether the Division brings criminal charges against a corporation and/or its employees.
Prior to being appointed the Antitrust Division’s DAAG for Criminal Enforcement, Mr. Powers was serving as a trial attorney in the DOJ’s Criminal Division. Consequently, his appointment represents the first time that the Antitrust Division has not selected one of its current career prosecutors to serve as the head of its criminal enforcement program.
Nonetheless, Mr. Powers will not be a complete stranger to the Antitrust Division or antitrust prosecutions because he spent the first six years of his career with the Division and has been working on investigations being jointly conducted by the Antitrust and Criminal Divisions during the past two years. Moreover, Mr. Powers has significant experience prosecuting antitrust crimes in the financial services sector and thus will likely continue the Antitrust Division’s vigorous enforcement efforts in this sector, which have resulted in the imposition of over US$5 billion in fines since 2011.
Full Content: Financialish