Summary
A former Seattle-area real estate broker has been sentenced to prison after being convicted in a major fraud case involving investors and tax crimes. Federal prosecutors said the scheme caused losses of more than $2.4 million and left many victims without their retirement savings.
Tamara King, also known as Tamara Waln, received a 55-month prison sentence after a federal jury found her guilty on multiple criminal charges. The charges included conspiracy to commit wire fraud, wire fraud, money laundering, and filing false tax returns. King previously lived in Bellevue and Kirkland, Washington, before later moving to Ohio.
Investors Told Their Money Would Fund Real Estate Projects
According to court records, between 2009 and 2013, King’s former husband and co-conspirator, Paul Fprosecutor, collected investments for a real estate fund called Halcyon. Prosecutors said 22 victims invested about $2.25 million into the fund. Most of the investors were from the Seattle area.
Investors were told the money would be used to purchase and renovate apartment buildings in West Seattle. The investment plan promised that the funds would later support other real estate projects and generate large annual returns. Investors were asked to keep their money in the fund for ten years.
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Court records showed that after King married Waln in 2013, the pair jointly managed the investment fund. Federal prosecutors said they secretly transferred investor money into their management company and later into King’s personal bank accounts.
Investigators said much of the money was spent on luxury purchases and personal expenses instead of real estate projects. Prosecutors stated that King financed a customized Tesla Model X worth more than $121,000 and bought an 8.5-carat diamond ring costing more than $49,000. Authorities also said investor money was used to pay nearly $190,000 in personal tax debt.
Federal officials stated that the investment fund eventually collapsed. In 2019, King informed investors that the money was gone and the investment had failed. Prosecutors said the remaining investors lost their entire investments.
Victims Described Financial and Emotional Damage
Several victims later shared emotional statements in court about the impact of the fraud. Some said they had planned to use the money for retirement but instead faced financial stress and uncertainty. Others described the embarrassment of being deceived after trusting the investment plan for years.
Federal prosecutors said the fraud damaged the lives of people who believed they were making safe financial decisions. One victim statement presented in court described how the stolen money funded an extravagant lifestyle while investors struggled with financial losses.
The FBI and Internal Revenue Service Criminal Investigation division both investigated the case. Officials said investigators carefully tracked financial transfers to uncover how investor money was moved through different accounts.
Authorities also accused King of hiding income from the IRS over multiple years. Court records stated that she failed to report more than $1.6 million in income while reporting only a fraction of the amount on tax returns. Prosecutors calculated the tax loss to the U.S. government at more than $551,000.
A jury convicted King on 14 felony charges, including conspiracy to commit wire fraud, multiple counts of wire fraud, money laundering, and filing false tax returns. Paul Waln later pleaded guilty to conspiracy charges and received a separate prison sentence in 2025.
During sentencing, U.S. District Judge Ricardo S. Martinez criticized King’s conduct and stated that she refused to accept responsibility for her actions. The court also ordered three years of supervised release following the prison sentence. Another hearing has been scheduled to determine restitution and the forfeiture of assets connected to the fraud case.