Theodore Miller, known as the "Wolf of West Virginia," has pleaded guilty to two counts of wire fraud in Charleston. Miller, 35, admitted to defrauding over 170 individuals through real estate investment schemes that led to losses between $395,000 and $434,501.
Court documents reveal that Miller's fraudulent activities took place from spring 2022 to September 2024. One scheme involved soliciting investments for developing residential duplexes and a storage lot on Bigley Avenue in Charleston. The other scheme offered a pooled real estate investment named "Bear Lute."
Miller presented himself on social media as a successful real estate mogul under the moniker "Wolf of West Virginia." However, he admitted his financial situation was dire, with poor credit and delinquent taxes. In both schemes, Miller misled investors about potential returns and falsely claimed their investments were secured by real property.
Victims included an individual from California who invested $20,000 in July 2022 for the storage project and another from Texas who invested $2,500 in December 2022 for Bear Lute. The funds were deposited into accounts controlled by Miller’s company Bear Industries LLC. His mother, Deanna Drumm, served as vice president of operations and pleaded guilty last November to aiding unregistered securities sales.
In September 2022 and again in November 2022, the West Virginia Securities Commission ordered Bear Industries to cease its unregistered securities sales. Despite this order, Miller continued operations without informing investors.
Miller was arrested on August 9, 2024. He later instructed his wife during a jail call to hide evidence related to the schemes.
He faces sentencing on July 2, 2025. Potential penalties include up to 40 years in prison and a fine of $500,000 along with restitution obligations between $395,000 and $434,501.
Acting United States Attorney Lisa G. Johnston praised the investigative efforts of several agencies including the FBI and U.S. Securities and Exchange Commission (SEC). Judge Irene C. Berger presided over the case with prosecution by Assistant United States Attorneys Holly Wilson and Joshua Hanks.
The SEC also filed a civil lawsuit against Miller alleging fraudulent securities offerings since at least 2022 seeking various legal remedies.
Further details are available on the U.S. Attorney’s Office website for the Southern District of West Virginia or through PACER using Case Nos. 2:24-cr-145 and 2:24-cv-479.
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