T
amara King, 56, a former real‑estate broker from Toledo, Ohio, and her ex‑husband, Paul Waln, 60, now living in Dallas, were found guilty in Seattle federal court of running an investment scam that drained more than $2 million from Washington residents, most of whom were Seattle‑area investors. The pair lured 22 people into a fund called Halcyon, promising a 20 % annual return over a decade and a 1 % management fee. In reality, the money was siphoned to fund a lavish lifestyle that included a Bellevue penthouse, a five‑bedroom home in Clyde Hill, personal assistants, luxury cars, diamond jewelry and cosmetic surgery.

    Waln had been soliciting investments from August 2009 to December 2013 in Bellevue and Kirkland, telling investors that the capital would buy and renovate an apartment building in West Seattle. After the couple married in 2013, they jointly ran the fund. Between February 2014 and December 2018, they transferred hundreds of thousands of dollars from the investment pool to a management company and then to King’s personal accounts. King withdrew $50 000 for an 8½‑carat diamond ring and more than $120 000 for a Tesla, among other expenses. Although some transfers were disguised as loans, the couple never repaid them or informed investors that the money had been taken.

    During three tax years, King reported only $188 116 in income, while actually receiving $1.85 million. By the end of 2018, all the money had been misappropriated, yet investors were told the funds would be returned in 2019. Waln sent a letter claiming the general contractor had been diagnosed with cancer, which would delay repayment for years; the contractor never had cancer. In fall 2019, King admitted the money was gone and the investment had failed, leaving investors with a total loss of $2.4 million.

    Waln pleaded guilty to the wire‑fraud conspiracy in June and was sentenced to 33 months in prison. King was convicted of conspiracy to commit wire fraud, multiple counts of wire fraud, money laundering, and tax fraud. She faces up to 20 years for the wire‑fraud conspiracy, up to 10 years for money laundering, and up to three years for filing a false tax return. Her sentencing is set for March 20. Her attorney, Colleen Fitzharris, noted that several legal issues will be appealed.

    At trial, King blamed Waln for the misappropriation, claiming he had authorized the loans, but the assistant U.S. Attorney said the couple acted as a team: “Waln brought the money in the front door, and King stole it out the back.”