A husband and ex-wife were indicted this week for allegedly stealing around $2 million from Seattle investors.
A husband and ex-wife were indicted this week for allegedly stealing around $2 million from Seattle investors, according to a news release from U.S. Attorney Tessa Gorman on Thursday.
The indictment says between August 2009 and December 2013, Waln asked for investments in a real estate fund called Halcyon. Waln told people their money would go toward buying and renovating an apartment building in West Seattle and then be used for other real estate projects.Waln told investors they were required to leave their money in the investment pool for ten years and after that, Waln would return the investment principal and earnings.
“The pair secretly transferred hundreds of thousands of dollars at a time from the fund to their management company and then transferred the money to King’s personal accounts. In some instances, they wrote secret memos characterizing these transfers as ‘loans,’ but the money was never repaid. Investors were never told about the ‘loans,’” said the news release.
In December 2018, Waln allegedly sent the investors a letter that said the fund’s general contractor had cancer, which was a lie. Waln said this would cause a two-to-three-year delay before he could give them their money.“All the remaining investors lost their entire investments,” said the news release.
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