Original Source Realtor.com

Theodore "Teddy" Miller, 34, who called himself the “Wolf of West Virginia,” has been indicted for running a fraudulent real estate investment scheme, allegedly with the help of his mother, Deanna Drumm. Prosecutors say Miller used TikTok and Instagram to showcase a luxurious lifestyle, enticing investors into bogus real estate ventures.

Charges and Allegations

Miller faces 12 counts of wire fraud, one count of money laundering, and two counts of obstruction, according to a federal indictment issued by a grand jury in Charleston, West Virginia. The SEC also filed a civil case, accusing Miller’s mother of providing administrative support and receiving over $170,000 in investor funds. Though not criminally charged, Drumm is named in the civil complaint. Miller's promises of wealth were a far cry from reality. Despite portraying himself as a successful real estate mogul, he reportedly had poor credit, limited financial resources, and a history of tax delinquency and loan defaults.

How the Scam Unfolded

Miller’s company, Bear Industries LLC, solicited direct investments for real estate projects in Charleston. These projects included duplex housing and the conversion of a residential property into a storage facility. According to FBI agent Aaron M. Lee, one investor discovered Miller through TikTok, was drawn in by his investment pitch, and contributed $20,000. The indictment states that Miller convinced investors from California, Florida, and Texas to wire $90,000 for non-existent projects, keeping the funds for himself. Miller didn't even own the properties he claimed to be developing and had no intention of pursuing the projects. Investors who tried to contact him were ignored after sending funds.

Fake Investment Fund: Bear Lute

Miller's deception extended beyond direct investments. He launched a pooled real estate fund called Bear Lute, advertising it as a way for everyday people to achieve wealth. He claimed the fund guaranteed a minimum 6% return and had a historical average return of 20%, all supposedly backed by income-generating real estate. None of this was true.

More than 100 investors poured over $200,000 into Bear Lute. The U.S. Attorney’s Office stated that Miller fabricated figures on an online investor portal and ceased communication when investors requested withdrawals. Miller allegedly spent the investor funds on personal luxuries, benefiting both himself and Drumm, who was listed as vice president of Bear Industries LLC.

Legal Consequences

Miller, who had previously earned local attention for declaring himself the "Wolf of West Virginia" and attempting to open a bar with servers in "schoolgirl uniforms," returned to the U.S. on August 8 after a two-year absence. The next day, the FBI filed charges against him, and he was promptly arrested. Miller faces up to 200 years in prison if convicted on all counts. His next court appearance is scheduled for Thursday. Drumm, although not criminally charged, is named in the SEC's civil complaint, which seeks to reclaim the ill-gotten gains and impose civil penalties on Miller.

Final Thoughts

Miller's story serves as a warning to potential investors to thoroughly research anyone offering financial opportunities. Trusting flashy lifestyles promoted on social media without investigating the source can lead to devastating consequences. At Innovative Mortgage Services, we prioritize transparency and ethical practices in everything we do. We invite you to explore our compensation plans, designed with integrity and growth in mind. Join a team where honesty and professionalism are at the core of success!