Merrick B. Garland, Attorney General | https://www.justice.gov/
Merrick B. Garland, Attorney General | https://www.justice.gov/
A federal grand jury has returned a 15-count indictment against Theodore Miller, 34, of South Charleston, on charges of wire fraud, money laundering, and obstruction. The indictment alleges that Miller orchestrated two fraudulent schemes starting as early as October 2021 to enhance his businesses' cash flow and cover personal and professional debts.
According to the indictment, Miller portrayed himself on social media as a wealthy real estate mogul. However, he had poor credit and was delinquent on taxes and bills. One scheme involved defrauding investors by promoting two real estate projects in Charleston. From July 5, 2022, to September 8, 2022, Miller allegedly induced individuals from California, Florida, and Texas to wire $90,000 for these projects but did not proceed with them.
The second scheme involved "Bear Lute," a pooled real estate investment vehicle launched in May 2022. Through social media and the website bearlute.com, Miller falsely claimed high returns and security backed by income-producing real estate. Between June 30, 2022, and February 28, 2024, more than 100 individuals invested over $200,000 in Bear Lute.
Miller is accused of using the funds for personal expenses and private investments. He remained outside the United States from February 12, 2022, to August 8, 2024. On July 20, 2022, he allegedly transferred $20,000 between his business accounts knowing it was criminally derived.
Miller faces up to 20 years in prison for each wire fraud count if convicted. United States Attorney Will Thompson commended the FBI and other agencies for their investigative work.
The U.S. Securities and Exchange Commission has filed a parallel civil action against Miller alleging unregistered and fraudulent securities offers since at least 2022.
###
Alerts Sign-up