Key Takeaways
- • Tamara King, 56, formerly of the Seattle area, was sentenced to 55 months in prison on May 15, 2026, for conspiracy to commit wire fraud, wire fraud, money laundering, and tax fraud involving a fraudulent real estate investment fund.
- • Over $2 million was stolen from Washington-state victims between August 2009 and December 2013 through a fake real estate fund called Halcyon, which King and her ex-husband Paul Waln used to fund a lavish personal lifestyle.
- • King was convicted in December 2025 following an 8-day jury trial on 14 federal felonies; she refused to accept responsibility and testified falsely during proceedings, drawing judicial rebuke from U.S. District Judge Ricardo S. Martinez.
- • Co-conspirator Paul Waln, 60, pleaded guilty to wire fraud conspiracy in June 2025 and received a 33-month sentence, significantly less than King's 55-month term.
- • The case underscores persistent vulnerabilities in retail real estate investment vehicles and demonstrates federal enforcement commitment to securities fraud involving retirement savings, with the FBI and DOJ coordinating prosecution.
Summary
Tamara King, a 56-year-old former Seattle-area real estate broker now residing in Toledo, Ohio, was sentenced to 55 months in federal prison on May 15, 2026, for orchestrating a decade-long investment fraud scheme that defrauded Washington-state victims of more than $2 million in retirement savings. King, who also operated under the alias Tamara Waln, was convicted in December 2025 on 14 federal felonies, including conspiracy to commit wire fraud, multiple counts of wire fraud, money laundering, and tax fraud following an 8-day jury trial in U.S. District Court in Seattle's Western District.
The fraudulent scheme centered on a fake real estate investment fund named Halcyon, which King and her ex-husband Paul Waln solicited between August 2009 and December 2013. Investors believed they were prudently investing retirement funds in a legitimate real estate vehicle. Instead, King systematically drained investor accounts to finance an extravagant personal lifestyle. U.S. District Judge Ricardo S. Martinez characterized King as "the primary instigator of this fraud" driven by "pure greed," noting during sentencing that she had testified falsely and deliberately lied under oath, refusing to accept responsibility for her actions.
King's co-conspirator ex-husband Paul Waln, 60, who now resides in Texas, pursued a different legal strategy. Waln pleaded guilty to wire fraud conspiracy in June 2025 and received a 33-month prison sentence—substantially less than King's 55-month term, reflecting his earlier acceptance of responsibility. First Assistant U.S. Attorney Charles Neil Floyd emphasized that the case sends a deterrent message to other potential fraudsters, stating: "This defendant stole from those who invested not just their money, but their dreams of a secure retirement." FBI Special Agent in Charge W. Mike Herrington underscored the long-term investigative effort required to trace stolen funds and hold perpetrators accountable for defrauding vulnerable retirement investors.
The fraudulent scheme centered on a fake real estate investment fund named Halcyon, which King and her ex-husband Paul Waln solicited between August 2009 and December 2013. Investors believed they were prudently investing retirement funds in a legitimate real estate vehicle. Instead, King systematically drained investor accounts to finance an extravagant personal lifestyle. U.S. District Judge Ricardo S. Martinez characterized King as "the primary instigator of this fraud" driven by "pure greed," noting during sentencing that she had testified falsely and deliberately lied under oath, refusing to accept responsibility for her actions.
King's co-conspirator ex-husband Paul Waln, 60, who now resides in Texas, pursued a different legal strategy. Waln pleaded guilty to wire fraud conspiracy in June 2025 and received a 33-month prison sentence—substantially less than King's 55-month term, reflecting his earlier acceptance of responsibility. First Assistant U.S. Attorney Charles Neil Floyd emphasized that the case sends a deterrent message to other potential fraudsters, stating: "This defendant stole from those who invested not just their money, but their dreams of a secure retirement." FBI Special Agent in Charge W. Mike Herrington underscored the long-term investigative effort required to trace stolen funds and hold perpetrators accountable for defrauding vulnerable retirement investors.
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