Key Takeaways
- • Tamara King, 56, convicted in December 2025 of operating a $2.25 million real estate investment fraud scheme affecting 22 victims in the Seattle area, with charges including conspiracy to commit wire fraud, eight counts of wire fraud, two counts of money laundering, and three counts of filing false tax returns.
- • The Halcyon fund scheme operated between August 2009 and December 2013, with King and co-defendant ex-husband Paul Waln soliciting investors under false pretenses of a 10-year commitment yielding 20% annual returns on West Seattle apartment building purchases and renovations.
- • Paul Waln pleaded guilty to wire fraud conspiracy in June 2025 and received a 33-month prison sentence on October 31, 2025, while King faces sentencing on March 20, 2026, following an 8-day jury trial and 5-hour deliberation.
- • Investor funds were misappropriated for personal luxury spending, according to U.S. Attorney Charles Neil Floyd's office, rather than deployed for legitimate real estate projects as represented to the 22 primarily Seattle-based victims.
- • King operated under aliases and previously maintained residency in Bellevue and Kirkland, Washington, before relocating to Toledo, Ohio, while Waln relocated to Dallas, Texas following his guilty plea.
Summary
Tamara King, a 56-year-old former Eastside real estate professional also known as Tamara Waln, was convicted on December 19, 2025, in U.S. District Court in Seattle of orchestrating a real estate investment fraud scheme that defrauded 22 victims of $2.25 million. The jury returned guilty verdicts on conspiracy to commit wire fraud, eight counts of wire fraud, two counts of money laundering, and three counts of filing false tax returns following an 8-day trial and five-hour deliberation period. U.S. District Judge Ricardo S. Martinez scheduled sentencing for March 20, 2026.
The fraud scheme centered on an investment vehicle called the Halcyon fund, which King and her ex-husband Paul Waln operated between August 2009 and December 2013. According to federal court records, Waln solicited investments from 22 victims—predominantly Seattle residents—by representing that their pooled capital would purchase and renovate an apartment building in West Seattle, followed by deployment in additional real estate projects. Investors were required to commit funds for a ten-year holding period, with Waln promising a 20% annual return plus return of principal at maturity. Waln received a 1% management fee for administering the fund. In reality, investor proceeds were diverted to personal expenditures rather than legitimate real estate acquisitions, constituting a classic investment misappropriation scheme.
Paul Waln, 60, now residing in Dallas, Texas, pleaded guilty to wire fraud conspiracy in June 2025 and was sentenced to 33 months in federal prison on October 31, 2025. His guilty plea and cooperation preceded King's conviction. The U.S. Attorney's Office for the Western District of Washington, under U.S. Attorney Charles Neil Floyd, characterized the scheme as motivated by aspirations for a "life of luxury," indicating that fraudulent proceeds funded personal consumption rather than investment operations. King previously maintained residency in Bellevue and Kirkland, Washington, before relocating to Toledo, Ohio.
The fraud scheme centered on an investment vehicle called the Halcyon fund, which King and her ex-husband Paul Waln operated between August 2009 and December 2013. According to federal court records, Waln solicited investments from 22 victims—predominantly Seattle residents—by representing that their pooled capital would purchase and renovate an apartment building in West Seattle, followed by deployment in additional real estate projects. Investors were required to commit funds for a ten-year holding period, with Waln promising a 20% annual return plus return of principal at maturity. Waln received a 1% management fee for administering the fund. In reality, investor proceeds were diverted to personal expenditures rather than legitimate real estate acquisitions, constituting a classic investment misappropriation scheme.
Paul Waln, 60, now residing in Dallas, Texas, pleaded guilty to wire fraud conspiracy in June 2025 and was sentenced to 33 months in federal prison on October 31, 2025. His guilty plea and cooperation preceded King's conviction. The U.S. Attorney's Office for the Western District of Washington, under U.S. Attorney Charles Neil Floyd, characterized the scheme as motivated by aspirations for a "life of luxury," indicating that fraudulent proceeds funded personal consumption rather than investment operations. King previously maintained residency in Bellevue and Kirkland, Washington, before relocating to Toledo, Ohio.
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