We study antitrust enforcement to channel price-…xing incentives of cartels through setting …ne schedules and detection levels. Fines obey legal principles: punishments …t the crime, proportionality, bankruptcy considerations, and minimum …nes. Bankruptcy considerations limit maximum …nes, ensure abnormal cartel pro…ts and impose a challenge for optimal antitrust enforcement. We derive the …ne schedule and detection level that are constrained-optimal under legal principles and sustainability of cartel prices. This …ne schedule lies below the maximum …ne, makes collusion on lower prices more attractive than on higher prices and, hence, relates to marginal deterrence literature.