A federal jury has convicted Tamara King, a 56-year-old former real estate broker, for her role in a massive investment fraud scheme that centered on a promised apartment building renovation in West Seattle. Following an eight-day trial, King was found guilty of conspiracy to commit wire fraud, eight counts of wire fraud, two counts of money laundering, and three counts of filing false tax returns.

The scheme, which operated between 2009 and 2013, involved an investment fund called Halcyon. King’s co-defendant and ex-husband, Paul Waln, solicited approximately $2.25 million from 22 victims, most of whom were Seattle residents. These investors were told their funds would be pooled specifically to purchase and renovate an apartment building in West Seattle. While the specific address of the building was not released in public reporting, it served as the primary lure for investors, who were promised 20 percent annual returns over a ten-year period,.

However, the promised renovations were a front for a "life of luxury". After King began jointly managing the fund with Waln in 2013, the pair secretly transferred hundreds of thousands of dollars into King’s personal accounts. Prosecutors revealed that King used the stolen funds to purchase a $50,000 8.5-carat diamond ring and a Tesla valued at more than $120,000. To hide the theft, the couple characterized the transfers as "loans" in secret memos that were never disclosed to investors or repaid.

As the 10-year investment period drew to a close in late 2018, the couple resorted to elaborate lies to stall for time. Waln sent investors a letter falsely claiming that the project’s general contractor had been diagnosed with cancer, necessitating a two-to-three-year delay. In reality, the contractor was healthy, and the couple had already misappropriated all the money.

By October 2019, King informed the victims that the investment had failed and all their money was gone. In addition to the investment fraud, King was convicted of tax crimes for failing to report over $1.6 million in income. While she claimed only $188,116 in total income over three years, she actually received approximately $1.85 million.

Assistant United States Attorney Cindy Chang told jurors that King "blindly drained every last dollar" from the victims. King is scheduled to be sentenced on March 20, 2026, by U.S. District Judge Ricardo S. Martinez. Paul Waln previously pleaded guilty and is currently serving a 33-month prison sentence