A former real estate broker was convicted in U.S. District Court in Seattle for her role in a scheme that defrauded Washington investors of more than $2 million, according to an announcement by U.S. Attorney Charles Neil Floyd. Tamara King, also known as Tamara Waln, 56, who now lives in Toledo, Ohio and previously resided in Bellevue and Kirkland, Washington, was found guilty on charges including conspiracy to commit wire fraud, eight counts of wire fraud, two counts of money laundering, and three counts of filing a false tax return. The verdict came after an eight-day trial and five hours of jury deliberation. Sentencing is set for March 20, 2026.
King’s co-defendant Paul Waln, 60, currently living in Dallas, Texas, pleaded guilty earlier this year to the wire fraud conspiracy charge and received a sentence of 33 months in prison on October 31.
According to court documents presented at trial, between August 2009 and December 2013 Waln solicited $2.25 million from twenty-two investors—most from Seattle—for the Halcyon real estate investment fund. Investors were told their money would be used to buy and renovate an apartment building in West Seattle with further plans for other projects. They were required to leave their funds invested for ten years with the promise that both principal and estimated earnings—projected at a 20 percent annual return—would be returned at the end of the period. Waln was authorized to collect a one percent management fee.
After marrying King in 2013—who was also working as a real estate agent—the couple managed the fund together. Between February 2014 and December 2018 they transferred large sums from the fund into their management company accounts before moving those funds into King’s personal accounts without informing investors or repaying what they described internally as “loans.” The misappropriation left no funds available by late 2018 when they were due to distribute investments back to clients.
In December 2018 Waln wrote investors claiming delays due to a contractor’s cancer diagnosis—a claim later shown to be false—and said there would be up to three years’ delay before any returns could be made. By October 2019 King informed investors that all funds had been lost.
Prosecutors stated that King failed to report over $1.6 million in income over three tax years; she reported only $188,116 when she actually received $1.85 million during that time.
At trial King attempted to shift blame onto Waln regarding unauthorized transfers but prosecutors argued both acted together: Assistant United States Attorney Seth Wilkinson told jurors that Waln “brought the money in the front door and King stole it out the back.… She took $50,000 for an eight-and-a-half carat diamond ring and more than $120,000 for her Tesla.” Assistant United States Attorney Cindy Chang added: “She blindly drained every last dollar.”
The maximum penalties include up to twenty years’ imprisonment for conspiracy or wire fraud offenses; up to ten years for money laundering; and up to three years for filing false tax returns.
The case is being investigated by both the FBI and IRS Criminal Investigation division (IRS-CI) with prosecution led by Assistant United States Attorneys Seth Wilkinson, Cindy Chang, and Jehiel Baer.
