A Fort Collins dentist accused of tax evasion has been indicted by a federal grand jury.
The indictment filed Aug. 21 alleges the man concealed more than $3.5 million in income from the Internal Revenue Service since 2017 using an illegal tax shelter he purchased in 2016 for $50,000, according to a news release from the U.S. Department of Justice . Authorities say his actions have cost the IRS more than $1 million in lost taxes.
The defendant, Ryan Ulibarri, has owned and operated Ulibarri Family Dentistry in Fort Collins since 2014, according to the news release. Ulibarri faces six counts of federal tax evasion. If convicted, he faces a maximum penalty of five years in prison for each count.
Ulibarri is accused of creating sham trusts, also called an “abusive-trust tax shelter,” to “fraudulently conceal substantial amounts of income from the IRS and avoid paying taxes on that income,” according to the indictment . Authorities say he created four different fraudulent trusts that he funneled his income through.