Theodore Miller, a 35-year-old resident of South Charleston, West Virginia, has pleaded guilty to two counts of wire fraud. He admitted to defrauding over 170 individuals through real estate-related investment schemes that resulted in losses ranging from $395,000 to $434,501.
Court documents reveal that Miller orchestrated these fraudulent activities between spring 2022 and September 2024. One scheme involved soliciting investments for developing residential duplexes and a storage lot on Bigley Avenue in Charleston. The other scheme was a pooled real estate investment vehicle named "Bear Lute."
Miller promoted himself on social media as the "Wolf of West Virginia," portraying an image of a successful real estate mogul. However, he confessed during his plea that he had poor credit and financial difficulties and was delinquent on taxes and loans.
In his schemes, Miller made false promises about investment returns and security by real property. He admitted there were no returns or ownership of the properties claimed as security. The funds obtained were used for unrelated expenses.
Among the victims was an individual from California who wired $20,000 for the storage lot project in July 2022 and another from Texas who sent $2,500 for Bear Lute in December 2022.
The fraudulent proceeds were deposited into accounts associated with entities solely owned by Miller, including Bear Industries LLC. His mother, Deanna Drumm, served as vice president of operations for Bear Industries until September 2024. Drumm pleaded guilty in November 2024 to aiding the sale of unregistered securities.
In September 2022, the West Virginia Securities Commission issued a cease-and-desist letter against Bear Industries regarding unregistered securities sales. Despite this order, Miller continued operating Bear Lute without disclosing it to investors.
Miller was arrested on August 9, 2024, upon returning to the United States. He attempted to obstruct justice by instructing his wife to report his iPhone stolen and hide a laptop containing relevant documents.
Sentencing is scheduled for July 2, 2025; Miller faces up to 40 years in prison and owes restitution between $395,000 and $434,501. Acting United States Attorney Lisa G. Johnston acknowledged the efforts of various investigative agencies involved in the case.
United States District Judge Irene C. Berger presided over the hearing while Assistant United States Attorneys Holly Wilson and Joshua Hanks prosecuted it.
Additionally, the U.S. Securities and Exchange Commission has filed a civil lawsuit against Miller alleging fraudulent securities offers related to his investment programs since at least 2022.
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