Latest news with #UlibarriFamilyDentistry
CBS News
21-06-2025
- CBS News
Colorado dentist sentenced to over three years in prison for multi-million dollar tax evasion scheme
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. Through the tax shelter, Ulibarri concealed over $5 million in income from his dental practice from the IRS and evaded paying more than $1.6 million in federal and state income taxes owed on it. Authorities said he transferred the income into the various trust and foundation accounts to make it appear the money didn't belong to him, then used those funds to pay for personal expenses, including his mortgage, credit card bills, boats, luxury vacations and professional baseball season tickets. Ulibarri also filed false tax returns for himself, his practice, the trusts and the foundation with fraudulent deductions. The DoJ said he disguised personal living expenses as trust expenses and charitable donations. On Wednesday, Ulibarri was sentenced to 41 months in prison for tax evasion. He was also ordered to serve three years of supervised release and to pay a $150,000 fine. Ulibarri must pay $1,449,121 in restitution to the IRS and $166,966 in restitution to the Colorado Department of Revenue as well.
Yahoo
03-03-2025
- Business
- Yahoo
Fort Collins dentist pleads guilty to tax evasion through illegal tax shelter
DENVER (KDVR) — A Colorado dentist with a Fort Collins-based practice pleaded guilty Friday to six counts of tax evasion related to using a tax shelter, according to the U.S. Department of Justice's Office of Public Affairs. Ryan Ulibarri owned and operated Ulibarri Family Dentistry in Fort Collins since 2014, and on Friday, he pleaded guilty to concealing over $3.5 million in income from the Internal Revenue Service from 2017 through 2022. Prosecutors said Ulibarri allegedly caused a tax loss of over $1 million to the IRS. Colorado now processing income tax returns from third-party services They also said he used the funds to pay for things like his home's mortgage, credit card bills, boats and professional baseball season tickets. It all began in 2016, according to court documents, when Ulibarri purchased an 'abusive-trust tax shelter for $50,000.' The tax shelter, according to the press release, concealed income and created false tax deductions through a 'so-called business trust, family trust, charitable trust and a private family foundation, all of which Ulibarri owned and operated,' the office stated. Prosecutors said that to set it up, Ulibarri acted as the trustee and signed trust instruments to create the three trusts and foundation, and opened bank accounts in the name of each. 'He further recruited friends to falsely sign his trust instruments as the purported creators of the trusts,' the office said in its release. 'Ulibarri then transferred majority ownership of his dental practice to the business trust. Ulibarri did this despite having been warned by attorneys and CPAs (certified public accountants) that, in Colorado, a trust could not own a dental practice.' Ulibarri pleaded guilty to charges that said he transferred over $3 million in earnings from his dental practice to the tax shelter. Englewood dog rescue's license suspended; state investigates rabies protocols Lastly, Ulibarri filed false tax returns for himself, Ulibarri Family Dentistry, and the trusts and foundations that reported his dental practice income as the trusts' income. Prosecutors said he claimed fraudulent deductions for personal living expenses under the trust. Ulibarri is scheduled to be sentenced on June 17 where he faces a maximum sentence of 30 years in prison for the six charges, as well as a period of supervised release, restitution and other monetary penalties. The case is still under investigation by the IRS Criminal Investigation. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
