Key Takeaways
- • Tamara King, 56, sentenced to 55 months in federal prison for operating a fraudulent real estate investment fund that diverted $2.3–$2.4 million from investors between August 2009 and December 2013.
- • Convicted 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 December 2025.
- • Funds misappropriated for personal luxury purchases, including a $121,950 pink-trimmed Tesla and an 8.5-carat diamond ring, while investors believed they were saving for retirement through the Halcyon real estate fund.
- • Co-conspirator and ex-husband Paul Waln, 60, solicited the investments alongside King; the scheme operated for approximately four years before prosecution.
- • Presiding judge noted King's refusal to accept responsibility, citing perjured testimony and characterizing her as "the primary instigator" driven by "pure greed," with prosecutors emphasizing the case as a deterrent to investment fraud.
Summary
Tamara King, 56, a former real estate broker who previously operated in the Bellevue and Kirkland, Washington area and currently resides in Toledo, Ohio, was sentenced on May 18, 2026, to 55 months in federal prison by U.S. District Judge Ricardo S. Martinez in Seattle. The sentencing concluded a case in which King was convicted in December 2025 of 14 federal felonies stemming from a decade-long fraudulent investment scheme.
Between August 2009 and December 2013, King and her now ex-husband Paul Waln, 60, solicited investors into a real estate fund called Halcyon. Rather than investing the capital prudently, King systematically diverted $2.3 to $2.4 million in investor funds to finance a lavish personal lifestyle. Specific purchases included a pink-trimmed Tesla valued at $121,950 and an 8.5-carat diamond ring. According to federal prosecutors and the FBI, investors believed they were making secure retirement savings through a legitimate real estate investment vehicle, unaware their capital was being drained for personal luxury consumption.
At sentencing, Judge Martinez emphasized King's lack of accountability, noting that she "testified falsely" and "deliberately lied on the witness stand," characterizing her as the "primary instigator" of the fraud motivated by "pure greed." The convictions included conspiracy to commit wire fraud, wire fraud, money laundering, and tax fraud charges. First Assistant U.S. Attorney Charles Neil Floyd stated the sentence was intended "to send a message to other fraudsters that we will investigate and hold defendants accountable," while FBI Special Agent in Charge W. Mike Herrington highlighted that agents would "carefully follow the money to ensure fraudsters are held accountable for their greed and the damage it causes."
Between August 2009 and December 2013, King and her now ex-husband Paul Waln, 60, solicited investors into a real estate fund called Halcyon. Rather than investing the capital prudently, King systematically diverted $2.3 to $2.4 million in investor funds to finance a lavish personal lifestyle. Specific purchases included a pink-trimmed Tesla valued at $121,950 and an 8.5-carat diamond ring. According to federal prosecutors and the FBI, investors believed they were making secure retirement savings through a legitimate real estate investment vehicle, unaware their capital was being drained for personal luxury consumption.
At sentencing, Judge Martinez emphasized King's lack of accountability, noting that she "testified falsely" and "deliberately lied on the witness stand," characterizing her as the "primary instigator" of the fraud motivated by "pure greed." The convictions included conspiracy to commit wire fraud, wire fraud, money laundering, and tax fraud charges. First Assistant U.S. Attorney Charles Neil Floyd stated the sentence was intended "to send a message to other fraudsters that we will investigate and hold defendants accountable," while FBI Special Agent in Charge W. Mike Herrington highlighted that agents would "carefully follow the money to ensure fraudsters are held accountable for their greed and the damage it causes."
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