CHARLESTON, WV (LOOTPRESS) – Theodore Miller, a South Charleston man who styled himself as the “Wolf of West Virginia,” pleaded guilty Wednesday to two counts of wire fraud after defrauding more than 170 investors in a pair of real estate schemes.
The fraudulent ventures led to losses estimated between $395,000 and $434,501.
Miller, 35, admitted in court that from the spring of 2022 to September 2024, he deceived investors through two real estate investment projects.
One involved raising funds to develop residential duplexes and a storage lot on Bigley Avenue in Charleston. The other, known as “Bear Lute,” was marketed as a pooled real estate investment fund.
To lure investors, Miller crafted an online persona portraying himself as a wealthy, successful real estate mogul. However, court records reveal he was deeply in debt, had poor credit, and was delinquent on property taxes and loans.
He falsely assured investors that their funds were secured by real estate and that they could withdraw their money at any time—neither of which was true.
Instead, he used the money to cover personal expenses and debts.
Among his victims were a California investor who wired $20,000 for the storage lot project in July 2022 and a Texas investor who sent $2,500 for Bear Lute in December 2022.
The funds were funneled through bank accounts tied to Miller’s business entities, including Bear Industries LLC.
Miller’s mother, Deanna Drumm, 61, served as vice president of Bear Industries and played a role in the scheme while Miller lived abroad from June 2021 to August 2024.
Drumm pleaded guilty in November 2024 to aiding and abetting the sale of unregistered securities. She admitted to helping manage Bear Industries’ finances and overseeing the illegal investment operations. She is set to be sentenced on May 29, 2025.
Despite a September 2022 cease-and-desist order from the West Virginia Securities Commission, Miller continued to operate Bear Lute without informing investors. He was arrested upon returning to the U.S. in August 2024.
While in jail, he attempted to obstruct the investigation by instructing his wife to report his iPhone stolen and hide a backpack containing his laptop, which held key financial records.
Miller faces up to 40 years in prison, three years of supervised release, and a $500,000 fine. He is scheduled for sentencing on July 2, 2025.
The court will determine the exact restitution amount, expected to be between $395,000 and $434,501.
The FBI, West Virginia Securities Commission, and the U.S. Securities and Exchange Commission (SEC)investigated the case.
Assistant U.S. Attorneys Holly Wilson and Joshua Hanks are prosecuting.
The SEC has also filed a civil lawsuit against Miller, Bear Industries LLC, and other affiliated entities, alleging securities fraud and seeking financial penalties and restitution for defrauded investors.
