A Fort Collins dentist pleaded guilty this week to hiding more than $3.5 million in income from the IRS using an illegal tax shelter, according to federal prosecutors and court records.
Ryan Ulibarri owned and operated Ulibarri Family Dentistry from 2014 and in 2016 set up the tax shelter, which included a network of trusts and a private family foundation, the U.S. Department of Justice said in a news release.
Ulibarri transferred millions of dollars in profits from his dental practice into the shelter between 2017 and 2022, spending the money on credit card debts, his home mortgage, boats and baseball season tickets.
He also filed fraudulent tax documents and caused a tax loss of more than $1 million for the IRS.
The federal case against Ulibarri was filed in August. He pleaded guilty Friday to six counts of tax evasion and will face up to five years in prison for each count when he is sentenced June 17, prosecutors said.
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