A former Eastside real estate broker, Tamara King, 56, has been convicted of running a fraudulent real estate investment scheme, U.S. Attorney Charles Neil Floyd announced. King faced eight counts of wire fraud, two counts of money laundering, and three counts of filing false tax returns. She is scheduled to be sentenced on March 20, 2026, following a jury conviction after five hours of deliberation.
Between 2009 and 2013, King ran a scheme asking Seattle investors to put money into Halcyon, a real estate fund that claimed to purchase and renovate an apartment building in West Seattle and other projects. Investors were promised a 20 percent annual return over 10 years. King and her co-defendant, Paul Waln, who pleaded guilty to wire fraud conspiracy in June 2025 and is serving a 33-month sentence, misappropriated over $2 million by transferring funds to their management company and King’s personal accounts.
According to the Department of Justice, King failed to report over $1.6 million in income over three tax years, instead claiming a total income of $188,116, while her actual receipts summed $1.85 million. The deception continued until October 2019, when investors were informed that the money was gone and their investments had failed.
During the trial, King blamed Waln for the misappropriation, but prosecutors highlighted their joint culpability. Assistant U.S. Attorney Seth Wilkinson noted that King used investor funds for lavish purchases, including a $50,000 8.5-carat diamond ring and over $120,000 for a Tesla. In total, investors lost $2.4 million to the scheme.
The case, which has been investigated by the FBI and Internal Revenue Service Criminal Investigation (IRS-CI), showcases a serious betrayal of investor trust by individuals expected to manage funds ethically. The consequences of such schemes underscore the vigilance needed when trusting professionals with significant financial investments. Sentencing by U.S. District Judge Ricardo S. Martinez will determine King's prison term for the charges, which can range up to 20 years for wire fraud, 10 years for money laundering, and three years for filing a false tax return.
