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Colorado Dentist Charged with Tax Evasion and $3.5M Income Concealment
A federal grand jury in Denver has handed down a six-count indictment against Ryan Ulibarri, a Colorado dentist, for allegedly using an illegal tax shelter to conceal over $3.5 million in income from the IRS.
According to the indictment, Ulibarri, who owned and operated Ulibarri Family Dentistry in Fort Collins since 2014, purchased a tax shelter for $50,000 in 2016. He allegedly used this tax shelter to conceal his income from 2017 through 2022.
The indictment alleges that Ulibarri created three trusts and a private foundation, and opened bank accounts in the name of each entity. He then allegedly restructured his dental practice so that the majority of it was purportedly owned by one of the trusts.
Ulibarri allegedly transferred nearly all the funds he earned from his dental practice to the bank accounts for the trusts and foundation he created. He used those funds to pay personal expenses, such as the mortgage on his home and credit card bills.
The indictment also alleges that Ulibarri filed false tax returns for himself and the trusts, assigning the income he earned and controlled from his practice to the trusts.
If convicted, Ulibarri faces a maximum penalty of five years in prison for each count of tax evasion, resulting in a total maximum penalty of 30 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division made the announcement. IRS Criminal Investigation is investigating the case, with Trial Attorneys Amanda R. Scott and Lauren K. Pope and Senior Litigation Counsel Corey J. Smith of the Tax Division prosecuting the case. An indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
Key Facts
- State: Colorado
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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