Kanawha County man charged with fraud

CHARLESTON, W.Va. (WSAZ) – A federal grand jury has indicted 34-year-old Theodore Miller on charges of defrauding more than 100 people out of more than $290,000.

The indictment released Thursday charges the Kanawha County man with 12 counts of wire fraud, one count of money laundering and two counts of obstruction.

The indictment alleges that Miller represented himself “as a wealthy and successful real estate mogul with enough disposable income to travel the world,” but in reality, it alleges, “Miller had poor credit and low monthly financial margins.”

The indictment alleges that Miller used two fraudulent schemes to boost his business and pay unrelated expenses to his investors, who were promised profits that never materialized.

Miller, who was arrested last month on similar charges, has already pleaded not guilty.

According to the indictment, the two alleged schemes involved real estate, with a focus on Bigley Avenue in Charleston. One of them attracted investments for direct use in renovating a home, developing two duplexes and constructing a dry storage lot.

However, the indictment alleges that Miller never owned the properties in question, meaning the projects never happened and investors in California, Florida and Texas lost money.

WSAZ is not including specific addresses because Miller did not own the properties and the actual owner was not involved.

The second scheme involved investments in Miller’s company, Bear Lute. The indictment alleges that he promised investors significant returns as his real estate holdings generated profits, but according to the indictment, Miller diverted the investments for personal benefit and that of his company.

And once again, according to the indictment, Miller did not own the real estate that would secure his investment.

In a separate civil complaint filed Wednesday, the U.S. Securities and Exchange Commission made similar allegations alleging that Miller’s business attracted money from investors in 37 states and five foreign countries.

Miller is scheduled to be arraigned next Thursday. He is currently being held without bail and prosecutors say he is a flight risk.

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