Vedder Price

Vedder Thinking

Ryan S. Hedges

Shareholder

222 North LaSalle Street Chicago, Illinois 60601

+1 (312) 609 7728

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Ryan S. Hedges

Shareholder

Ryan S. Hedges is a Litigation Shareholder and a Chambers USA-ranked member of the firm’s Government Investigations & White Collar Defense group, focusing on white collar criminal defense, internal investigations and complex civil litigation matters.

A former federal prosecutor and seasoned trial lawyer, Mr. Hedges represents companies and individuals in their most sensitive and high-profile matters involving the U.S. Department of Justice (DOJ), Securities and Exchange Commission (SEC), Federal Bureau of Investigation (FBI), Department of Health and Human Services (HHS-OIG) and many other government agencies.  In more than 20 years of practice, Mr. Hedges has successfully tried numerous cases to verdict. Recently, as lead trial counsel in a three-week federal criminal jury trial, Mr. Hedges obtained a complete defense verdict for a former accounting executive of a publicly traded transportation company, acquitting him of all 14 counts charged in an alleged $245 million securities and accounting fraud scheme.

Since 2020, Mr. Hedges has been ranked individually by Chambers USA for Litigation: White Collar Criminal Defense & Government Investigations and noted as a “talented litigator” (2023) and “fantastic white collar attorney” (2021). Mr. Hedges is recognized as a “trusted steady hand, particularly in complex matters where there is a lot of coordination required” (2023), who “By combining his analytical and advocacy skills has a knack for seeing the big picture when given complex information and then effectively articulating that vision to others” (2022), with one client commenting “He has an outstanding mind, is keenly focused on how to win and can see the big picture as well” (2020). Mr. Hedges was recognized by The Legal 500 United States in the category of Securities Litigation – Defense (2021), and recommended in the category of Dispute Resolution: Corporate Investigations and White-Collar Criminal Defense for 2023 and 2024, described as “highly impressive” and a “gifted trial attorney.” Additionally, Mr. Hedges was selected for inclusion to Illinois Super Lawyers in 2024.

Mr. Hedges routinely handles white collar and complex civil litigation matters involving the False Claims Act (FCA) and parallel criminal investigations, the Anti-Kickback Statute (AKS) and Stark Law violations, health care fraud, whistleblower claims, securities and financial fraud, accounting irregularities, insider trading, Foreign Corrupt Practices Act (FCPA) violations, official bribery, defense contractor fraud, export control laws, immigration, environmental crimes, tax, antitrust, bank fraud, RICO, money laundering, obstruction of justice, extortion, consumer protection, and mail, wire and honest services fraud. Mr. Hedges also conducts internal investigations into possible wrongdoing and counsels clients regarding compliance in these areas.

Prior to joining Vedder Price, Mr. Hedges served for more than seven years as an Assistant U.S. Attorney in Chicago investigating and prosecuting complex financial crimes. Selected to the U.S. Attorney’s team dedicated to prosecuting health care fraud, Mr. Hedges investigated and prosecuted some of the largest and most complex health care fraud cases recently charged in the Northern District of Illinois. Notably, Mr. Hedges co-led the multiyear investigation and resulting prosecution of 11 administrators and doctors at the former Sacred Heart Hospital, which culminated in a seven-week jury trial and guilty verdicts against the hospital’s CEO and two other top administrators.

Mr. Hedges demonstrates a commitment to pro bono service by representing low-income individuals in federal criminal defense matters and by devoting time to other criminal justice reform matters. Mr. Hedges serves on the firm’s Pro Bono Committee, Diversity Committee and Associate Evaluation Committee. Mr. Hedges also serves on the Governing Board of Directors of Legal Aid Chicago.

Mr. Hedges previously served as a law clerk to the Honorable Kim McLane Wardlaw of the U.S. Court of Appeals for the Ninth Circuit. While in law school, Mr. Hedges served as Editor-in-Chief of the Southern California Law Review.

Ryan S. Hedges

Shareholder

Education

  • University of Southern California Gould School of Law, J.D., 2001
  • Northwestern University, B.S., 1993

Ryan S. Hedges

Shareholder

Bar Admissions

  • California, 2001
  • Illinois, 2005

Court Admissions

  • U.S. District Court, Central District of California, 2001
  • U.S. District Court, Eastern District of California, 2002
  • U.S. District Court, Southern District of California, 2021
  • U.S. District Court, Northern District of Illinois, 2005
  • U.S. District Court, Northern District of Illinois Trial Bar, 2007
  • U.S. District Court, Eastern District of Wisconsin, 2018
  • U.S. Court of Appeals, Ninth Circuit, 2002
  • U.S. Court of Appeals, Seventh Circuit, 2006

Affiliations

  • Member, American Bar Association
  • Member, Federal Bar Association

Ryan S. Hedges

Shareholder

Ryan S. Hedges

Shareholder

Ryan S. Hedges

Shareholder

Experience

Representative matters include:

• As lead trial counsel, obtained a complete defense verdict in a three-week federal criminal jury trial acquitting a former public company accounting executive of all 14 counts, including charges of conspiracy, securities fraud, wire fraud, misleading external auditors, falsifying books and records of the company, and insider trading, in connection with an alleged $245 million securities and accounting fraud scheme

• Obtained favorable jury verdict in a two-week federal civil trial vindicating industrial fan manufacturer’s claims for patent infringement and false advertising

• Represented laboratory testing sales executive in an eight-week federal criminal jury trial for conspiracy to pay health care-related kickbacks

• Represented individual in parallel DOJ and SEC fraud actions related to what the DOJ described as the largest Ponzi scheme ever prosecuted in the Los Angeles area

• Representing health care system in putative federal class action alleging patient privacy violations from use of website activity tracking tools

• Representing former hospital CEO in federal fraud investigation

• Representing co-founder of national COVID-19 testing company in federal fraud investigation

• Representing insurance executive in parallel civil and criminal False Claims Act investigations related to alleged overbilling to Medicare Part D from alleged misclassification of pharmaceutical rebates obtained by pharmacy benefit provider (PBM)

• Representing accounting professional of real estate development firm in federal criminal investigation of alleged fraud involving MBE/WBE set-aside goals

• Representing Midwest auto dealer in federal investigation of alleged fraudulent sales practices

• Successfully represented real estate developer in civil RICO litigation, resulting in dismissal of case

• Successfully represented former hospital CEO in federal False Claims Act litigation alleging Anti-Kickback and Stark Law violations resulting in a modest financial settlement and no government action

• Successfully represented U.S. businessman in federal criminal prosecution alleging illegal exporting of electronics in violation of U.S. export control laws (EAR) resulting in a sentence far below the Sentencing Guidelines after hotly contested litigation with the DOJ

• Successfully represented former bank CEO in Small Business Administration (SBA) fraud prosecution resulting in a sentence far below the Sentencing Guidelines

• Successfully represented former president of government contractor in Kuwait in federal criminal prosecution alleging payment of illegal gratuities to a U.S. Army official

• Successfully represented property management company in ICE-HSI inspection matter alleging violations of regulations governing employment eligibility verification

• Represented national accounting firm and engagement partner in SEC investigation and Rule 102(e) proceeding alleging that audits of client’s financial statements were not conducted in accordance with PCAOB standard

• Successfully resolved civil and criminal DOJ investigations into publicly traded defense contractor related to violations of SBA regulations by its employees for a civil monetary settlement less than the government’s single damages theory

• Conducted multiple internal investigations for publicly traded manufacturing company related to allegations involving the FCPA and local environmental regulations at foreign facilities in Asia and Central and South America

• Conducted internal investigation for government contractor related to former employee involving FCPA and official bribery allegations

• Represent health care providers and their employees in various federal health care fraud and civil False Claims Act investigations 

• Represent defense contractors in DOJ False Claims Act matters and parallel criminal investigations

• Conducted internal investigation for publicly traded airline related to DOJ False Claims Act investigation

• Represented sales executive of a publicly traded automobile manufacturer in parallel SEC and DOJ investigations into the manufacturer’s sales reporting, resulting in no action taken by either agency

• Represented multiple officers and directors of publicly traded companies in parallel SEC and DOJ investigations into alleged insider trading, resulting in no action taken by either agency

• Lead counsel to the “Information Agent” and “Special Master” appointed in U.S. v. All Business Assets of the Viceroy L’Ermitage Beverly Hills (C.D. Cal. Case No. 16-cv-5369, relating to the alleged multibillion-dollar 1MDB fraud)

• Represented former CFO of publicly traded pharmaceutical company in connection with parallel SEC and DOJ investigations into the company’s financial reporting and accounting practices

• Represented national accounting firm and its professionals as third parties in connection with the prosecution of a pharmaceutical executive and his lawyer on charges of conspiracy to commit wire fraud and securities fraud, U.S. v. Martin Shkreli and Evan Greebel (E.D.N.Y. Case No. 15-637)

• Represented several individual employees in EPA investigation of their employer transportation company related to alleged Clean Air Act violations, resulting in no government action

• Represented dozens of employees of various hospital systems in connection with grand jury investigations and third-party trial testimony regarding federal health care fraud charges

• Represented a refinery charged with criminal violations of the federal Clean Air Act in a six-week jury trial, obtaining acquittals on two of four counts, with the two counts of conviction ultimately being reversed and vacated on appeal

• Represented a refinery in a federal criminal investigation into potential violations of the federal Clean Water Act, resulting in no criminal charges

• Conduct investigations and provide guidance related to substantive health care matters, including Medicare and Medicaid fraud and abuse; medical insurance billing; up-coding and over-billing; unlawful kickbacks; physician compensation arrangements; patient referral practices; off-label promotion and misbranding of pharmaceuticals, dietary supplements and medical devices; and regulatory compliance with the AKS, FCA, Stark Law, and Food, Drug and Cosmetic Act (FDCA), among other federal statutes

 
 

 

 
 
 

 

 

 

 

 

Ryan S. Hedges

Shareholder

Blogs

Mr. Hedges contributes to our Media & Privacy Risk Report blog. To view it, please click here.