A dentist in northern Colorado was sentenced to over 3 years in prison this week for concealing millions in an illegal tax shelter.
According to authorities, Ryan Ulibarri, who owned and operated Ulibarri Family Dentistry in Fort Collins, purchased an abusive-trust tax shelter in 2016. Ulibarri used the tax shelter to conceal income and create false tax deductions through trusts and a foundation that he created and controlled.
The Department of Justice said Ulibarri signed trust instruments that named him as a trustee of three trusts and a foundation, and then opened bank accounts in the name of each. Authorities said he recruited friends to falsely sign the trust instruments as the creators of the trusts in order to hide the fact that he created them. Despite being warned by attorneys and CPAs that a trust in Colorado can’t own a dental practice, he transferred the majority ownership of his dental practice to his business trust…