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Former Re/Max agent indicted on theft, fraud

Accused of misappropriating investors’ $2.25M for personal use

Former Southlake Re/Max Agent Indicted For Theft
Paul Waln (LinkedIn, Getty)

A former Southlake-based real estate agent for RE/MAX and his ex-wife have been indicted by a federal grand jury, accused of theft.

Paul Waln, who’s been dismissed by RE/MAX in light of the scandal, and Tamara King, have been accused of collecting over $2.25 million from investors and misappropriating the funds for their personal use, the Dallas Morning News reported. 

The indictment, filed in a Washington federal court on Oct. 4, alleges that from 2014 to 2018, Waln and King secretly diverted substantial sums from a Seattle real estate fund to their own business entities, while providing false information to investors regarding the status of real estate projects and transfers. Waln has also worked as a Re/Max agent in Washington and California. 

The indictment reveals that 22 investors, primarily from Seattle, entrusted $2.25 million in the Halcyon real estate fund managed by Waln. This fund was intended for the purchase, renovation and management of the Halcyon apartment building in West Seattle. However, the indictment claims that Waln and King transferred approximately $1.6 million from the fund into their jointly-operated company, HTI Wealth LLC, without informing the investors, the outlet reported.

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Investors were initially promised a 20 percent annual return after a 10-year investment period, with HTI Wealth Creation Group receiving a 1 percent management fee. Waln and King allegedly used the money for various personal and business purposes instead, including the construction of homes in Kirkland, Washington, which resulted in substantial losses for investors.

In 2018, Waln responded to suspicious investors by saying that the Halcyon project’s general contractor had been diagnosed with cancer and that it would take an extra 2-3 years for them to receive funds they were owed. The contractor was never diagnosed with cancer, the indictment says.

The indictment outlines charges of conspiracy, wire fraud and money laundering against Waln and King, carrying potential sentences between five and 20 years in prison. The accused individuals are scheduled to appear in court Thursday.

—Quinn Donoghue 

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Companies and People
RE/MAXPaul WalnTamara King
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agentScandaltheft