Colorado Dentist Indicted for Tax Evasion, Allegedly Concealed Over $3.5 Million in Income

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.

The scheme is believed to have caused the IRS a loss exceeding $1 million.

If convicted, Ulibarri faces a maximum sentence of five years in prison for each count of tax evasion. A federal district court judge will determine his sentence based on the U.S. Sentencing Guidelines and other statutory factors.

The case is being investigated by IRS Criminal Investigation. The prosecution is led by Trial Attorneys Amanda R. Scott and Lauren K. Pope, along with Senior Litigation Counsel Corey J. Smith of the Justice Department’s Tax Division.

Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division announced the indictment.

View of clinicPhoto byDaniel Frank