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December 24, 2025 3:41 pm PST
BELLEVUE, Wash. – Federal filings reveal a multimillion‑dollar real‑estate fraud that siphoned tens of thousands from 22 Washington investors, many from Seattle. Prosecutors allege wire fraud, money laundering and tax evasion, with proceeds funneled into a lavish lifestyle rather than promised investment returns.
Evidence from the FBI and IRS shows investor funds were used for luxury purchases: high‑end jewelry, expensive cars and a five‑bedroom downtown Bellevue home. A key image shows Tamara King (formerly Waln) in a custom Tesla Model X with pink rims and butterfly doors, valued at roughly $120,000. King’s former husband, Paul Waln, is described by prosecutors as a con artist who portrayed himself as a “Barbie wife” and promised investors a lucrative real‑estate fund called “Halcyon.”
The indictment states Waln raised $2.25 million by promising to invest in a luxury condominium in West Seattle, with a ten‑year return schedule. In 2013, King joined Waln, and by 2014 they allegedly diverted Halcyon money into other entities they controlled and into personal accounts. When investors demanded explanations, Waln falsely claimed the project failed due to a contractor’s fabricated cancer diagnosis.
Court documents include a Miami jeweler receipt for a nearly $50,000 diamond ring, allegedly purchased with a cashier’s check from Waln. U.S. attorneys testified that King “blindly drained every last dollar.”
Defense briefs argue King was a victim, unaware of Waln’s IRS debt, and that Waln’s heavy drinking, prescription misuse, gambling and threats toward King contributed to her involvement. Despite these claims, the jury convicted King on multiple counts of wire fraud, money laundering and tax fraud, with potential decades in prison.
Both Waln and King remain defendants, though they are now divorced. The case underscores how alleged real‑estate ventures can mask large-scale financial crimes, diverting investor money into personal extravagance.
