A Colorado dentist, Ryan Ulibarri, has admitted guilt to six counts of tax evasion. The charges stem from his involvement in an illegal tax shelter scheme. According to court documents and statements, Ulibarri has been operating Ulibarri Family Dentistry in Fort Collins since 2014. In 2016, he invested $50,000 in a tax shelter that involved creating and controlling various trusts and a foundation to hide income and fabricate tax deductions.
From 2017 to 2022, Ulibarri used this scheme to conceal over $3.5 million in earnings from the IRS. He established several trusts and a private family foundation, signing trust instruments as the trustee and opening bank accounts for each entity. Despite warnings from legal professionals about the illegality of such actions in Colorado, he transferred ownership of his dental practice to one of these trusts.
Ulibarri moved more than $3 million into these accounts, maintaining control over the funds while using them for personal expenses like mortgage payments and luxury items. He also filed false tax returns that misrepresented his income as belonging to the trusts and claimed fraudulent deductions.
The IRS estimates a tax loss exceeding $1 million due to these activities. Ulibarri's sentencing is set for June 17, where he could face up to five years in prison per count of tax evasion along with supervised release, restitution, and financial penalties.
The announcement was made by Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Special Agent in Charge Amanda Prestegard of IRS Criminal Investigation’s Denver Field Office. The case is being investigated by IRS Criminal Investigation with prosecution led by Trial Attorneys Amanda R. Scott and Lauren K. Pope along with Assistant Chief Andrew J. Kameros.