DENVER, CO — A federal grand jury in Denver has indicted a Fort Collins dentist on six counts of tax evasion related to his alleged use of an illegal tax shelter. The indictment, unsealed on Friday, charges Ryan Ulibarri, the owner and operator of Ulibarri Family Dentistry, with attempting to conceal over $3.5 million in income from the IRS.
According to the indictment, Ulibarri purchased a tax shelter in 2016 for $50,000. From 2017 to 2022, he allegedly used this shelter to hide income earned through his dental practice. Ulibarri reportedly signed documents creating three trusts and a private foundation, opened bank accounts in their names, and restructured his practice to appear as though one of the trusts owned the majority of it.
The indictment claims Ulibarri transferred nearly all his earnings into these trust and foundation accounts, using the funds to cover personal expenses like his mortgage and credit card bills. Furthermore, he allegedly filed false tax returns for himself and the trusts, misreporting the income he earned and controlled through his practice.