A Colorado dentist Ryan Ulibarri faces some serious charges regarding tax evasion. A grand jury in Denver indicted him on August 23, 2024. It was unsealed on Friday. The name of the dentist is Ryan Ulibarri. Authorities say that he took an abusive tax shelter to conceal huge amounts of income.
Origin of Charges
Ryan Ulibarri runs Ulibarri Family Dentistry in Fort Collins. According to an indictment, he bought an illegal tax shelter for $50,000 in 2016. Ulibarri then allegedly utilized the shelter to hide income from 2017 until 2022. Altogether, he concealed more than $3.5 million.
To benefit from this tax shelter, the government contends that Ulibarri created three trusts and a private foundation. He acted out trust documents which established those entities. He also opened bank accounts in their names. He is alleged to have deposited most of his gross receipts from his dental practice into these bank accounts, titled in the name of nominee entities. The cash and other funds were utilized to pay personal living expenses.
According to the indictment, Ulibarri restructured his dental practice. The majority of the practice was allegedly owned by one of the trusts. He is alleged to have moved his earnings into the bank accounts of the trusts. Personal expenses – including his mortgage and credit card bills were paid from that money.
Meanwhile, Ulibarri is also accused of filing false tax returns for himself and the trusts. Income earned from his practice was reported in the name of the trusts in an attempt to evade paying his taxes on the said income.
Financial Impact and Legal Consequences
The scheme, according to the indictment, deprived the IRS of more than $1 million in taxes. The maximum sentence on each count under tax evasion is five years imprisonment. Ulibarri thus faces up to 30 years if convicted on all counts.
The sentence will be imposed by a U.S. District Court judge upon consideration of the U.S. Sentencing Guidelines and other statutory factors.
Investigation and Prosecution
This case is being investigated by IRS Criminal Investigation. Trial Attorneys Amanda R. Scott and Lauren K. Pope of the Tax Division are prosecuting the case. Senior Litigation Counsel Corey J. Smith has also worked on it.
It is part of an investigation and prosecution brought by the Department of Justice to halt tax fraud. They ensure that individuals and businesspeople comply with the laws relating to taxes. The goal is fairness within the system of taxation.
Remember that an indictment is only an accusation. A person is considered innocent until and unless proven guilty. Ryan Ulibarri is considered innocent until proven guilty. The legal process will determine the guilt or innocence of each. The court will look at all the evidence presented before making a ruling.
Public and Legal Reaction
That nature of this case attracted a great deal of interest. The tax evasion cases of high-profile individuals are likely to hit the headlines. The public interest in such cases reflects the concerns over tax compliance and fairness.
