Ashwin J. Ram

Civil fraud and RICO litigation

Ashwin J. Ram represents plaintiffs and defendants in civil fraud and civil RICO litigation in California, including treble-damage RICO claims and fraud allegations seeking hundreds of millions of dollars. He has brought RICO claims against fraudulent enterprises as well as defended them, so he knows how these cases are built and how they are defeated. As a former federal fraud prosecutor, he also handles civil fraud cases that run alongside a criminal or regulatory investigation of the same conduct.

Representative matters include:

• Lead counsel pursuing RICO and fraud claims for a major PVC-pipe manufacturer against a plaintiffs’ firm alleged to have engaged in fraud in connection with countless sham asbestos claims.
• Representing healthcare technology clients in a trade secret misappropriation matter with damages exposure exceeding $100 million.
• Representing a party in a multi-million dollar dispute over fine art collateral under UCC Article 9, with assets held in FBI custody.
• Dismissal or summary judgment in over a dozen COVID-19 business interruption insurance coverage cases.

Securities fraud and SEC enforcement defense

Ashwin J. Ram defends public companies, executives and directors in securities fraud class actions, shareholder derivative suits and SEC enforcement investigations, from Wells notices through litigation. As an Assistant U.S. Attorney for the Central District of California he prosecuted insider trading and complex fraud cases, so he can see where an SEC matter may turn criminal. He coordinates the defense when the same facts draw an SEC investigation, a DOJ inquiry and private securities litigation at once.

Representative matters include:

• Coordinated defense of a natural resources company across four simultaneous forums: congressional oversight, a DOJ criminal investigation, SEC enforcement and a private securities class action.
• Former lead counsel for Ignite International in a parallel fraud prosecution in the Central District of California and an SEC enforcement proceeding in the Southern District of New York.
• A DOJ declination on revenue recognition fraud allegations, after a search warrant was executed at the U.S. headquarters of a major international automotive manufacturer.
• Resolution of a FINRA inquiry into the CEO of a publicly traded bitcoin mining company, with no further action.

He writes regularly on SEC enforcement, including the Wells process, individual officer liability, disgorgement and AI washing claims.

Federal fraud investigations and trials

Ashwin J. Ram defends executives, companies and individuals facing federal fraud investigations and indictments in Los Angeles and across California. That includes wire fraud, bank fraud, conspiracy, money laundering and theft of federal funds, from the first target letter or search warrant through trial and appeal. He is a former Assistant U.S. Attorney in the Major Frauds Section of the U.S. Attorney’s Office for the Central District of California. He has tried over two dozen cases to verdict and resolved matters involving alleged losses exceeding several billion dollars.

He has secured pre-indictment resolutions, DOJ declinations, trial acquittals and appellate reversals.

Representative matters include:

• COVID stimulus fraud trial. Lead trial counsel in one of the first and largest COVID stimulus fraud cases to reach verdict, securing acquittal on all post-release charges and a rare Kastigar hearing.
• University research fraud trial. A three-week federal trial with a favorable outcome for a scientist and former university lab director facing about 20 counts, including conspiracy, bank fraud, wire fraud and theft of federal funds ($6 million alleged loss).
• Revenue recognition investigation. A DOJ declination after a search warrant was executed at the U.S. headquarters of a major international automotive manufacturer.
• Ninth Circuit appeal. Lead appellate counsel for a venture capitalist in a tax fraud, FARA and FECA appeal involving restitution and penalties exceeding $20 million. The client received clemency before the appeal was completed.

Healthcare Fraud Defense

Ashwin J. Ram defends physicians, medical practices, pharmacies and healthcare executives in federal and state healthcare fraud investigations and prosecutions in Los Angeles and across California. As an Assistant U.S. Attorney in the Major Frauds Section for the Central District of California, he prosecuted “Operation Spinal Cap,” one of the largest healthcare fraud prosecutions in California history. He now uses that experience on the defense side, from the first subpoena or search warrant through resolution or trial.

His healthcare practice covers Anti-Kickback Statute investigations, False Claims Act and qui tam defense, qui tam litigation under the California Insurance Frauds Prevention Act (IFPA), Medicaid payment suspensions and California Medical Board proceedings.

Recent results include:

• A pre-indictment resolution for the lead defendant in a $250 million healthcare kickback scheme, avoiding trial.
• Resolution of a major California healthcare qui tam within 90 days, with a complete release for all clients, in one of the largest IFPA matters of 2024.
• A successful challenge to the Medicaid administrative payment suspension of a pharmacy client.
• Complete dismissal of a California Medical Board accusation against a surgeon.

Tax Controversy & IRS Litigation

Ashwin challenges IRS enforcement at every level. His tax practice encompasses criminal tax defense, civil penalty litigation, and challenges to nominee and alter ego theories in enforcement actions.

Cryptocurrency and digital-asset fraud

Ashwin J. Ram defends cryptocurrency exchanges, blockchain companies and technology executives facing DOJ prosecutions, SEC enforcement and IRS investigations, including securities fraud allegations involving digital assets. A former federal prosecutor in Los Angeles, he has recently handled one of the largest cryptocurrency tax prosecutions in U.S. history and a precedent-setting RICO case addressing the criminalization of encrypted communications technology.

His practice includes:

• Defending against novel theories of criminal liability applied to technology providers.
• Securities fraud and SEC enforcement matters involving digital assets.
• Expatriation taxation and valuation of digital assets.
• RICO and money laundering theories aimed at encrypted communications platforms.

Representative matters include former lead counsel for Roger Ver in one of the largest cryptocurrency tax prosecutions in U.S. history. He is lead counsel for a Canadian encrypted phone provider and its CEO against RICO and money laundering charges. He also resolved a FINRA inquiry into the CEO of a publicly traded bitcoin mining company with no further action.