CHARLESTON, W.Va. (WCHS) — A self-proclaimed millionaire who sparked controversy on social media surrounding the opening of a bar in downtown Charleston in 2020 has been arrested as part of an FBI investigation into wire fraud.
Theodore “Teddy” Miller, 34, of South Charleston, was arrested by federal authorities Friday on charges of claiming ownership of two Charleston properties that he did not own and defrauding a man of $20,000 for an investment in the properties that was never made.
Miller, who calls himself “The Wolf of West Virginia,” faced intense criticism and backlash after transforming the former Boulevard Tavern on Kanawha Boulevard into The Sorority. He posted a series of bizarre, now-deleted, profanity-laced videos promoting the new bar, featuring bartenders in scantily clad schoolgirl uniforms.
According to a federal criminal complaint unsealed Monday, the FBI launched the investigation in March 2023 after receiving a complaint from the West Virginia Securities Commission alleging that Miller was selling unregistered securities to the public.
Investigators found that Miller frequently travels internationally and has spent most of the past 17 months outside the United States during the investigation. He frequently posts videos on social media flaunting his luxurious lifestyle and lavish trips around the world.
The FBI said Miller owned numerous businesses registered in West Virginia, including Bear Industries LLC, Prestige Worldwide Investments LLC, Bear Investments and Business Consulting LLC, Blue Steel Modeling Agency LLC, T&C Construction Services LLC and Stark Industries LLC.
According to the website, Bear Industries is a “real estate development company operating throughout the United States that specializes in converting abandoned and dilapidated properties into affordable, modern rental properties that can either be retained or sold for a profit.”
According to court documents, Miller is soliciting an investment in a specific income-producing property that he will either rehabilitate or construct a building on. “Investors are promised a return of the original investment plus more when construction is completed and the project is refinanced,” an FBI agent wrote in the criminal complaint. “Thereafter, investors will share in all rental income from the property.”
According to investigators, Miller uses social media to promote direct investments.
Investigators said a victim, identified in the complaint only by his initials “CT,” watched a TikTok video of Miller in June 2022. In the video, Miller advertised a direct investment opportunity to build a secure dry storage facility at 1017 and 1019 Bigley Avenue in Charleston. The victim emailed Miller to inquire about investing.
Miller responded to CT, claiming the project was “a great way to make a damn good profit, generate passive income with the equity you retain, and start your journey to building sustainable wealth,” the complaint said. Miller also included a promotional package for investors.
The package said Miller would rehabilitate a small residential home and build a dry storage facility on the property, court documents said. After the project was completed, the property would be refinanced and CT would recoup its original investment plus a return of about 23%. After that, CT and Miller would split the rental income from the residential home and dry storage facility. The complaint said the “conservative first-year ROI is just under 20%, with a cashout at the end of the first year but passive residual returns for subsequent years.”
Investigators further found that CT himself discovered that the properties actually belonged to Philco LLC. However, in a phone conversation, Miller claimed he was the controller of that company. The complaint states that Miller had no ownership interest or control over Philco and never owned 1017 or 1019 Bigley Ave. He did enter into an owner financing agreement to purchase the property in July 2022. However, the complaint states that Miller defaulted on payments in spring 2023 and never completed the purchase.
In June 2022, the victim signed an “investor agreement” and a “partnership agreement” to invest in the project. The agreements stated CT would give Miller $20,000 for uses related to the Bigley Ave. property. Miller would then repay CT and his wife $20,000 plus 15% of the refinancing of the property no later than August 2, 2023, according to court documents.
The agreement also stated that Bear Industries, CT and CT’s wife would be partners in a project to lease the residential and dry storage property. Bear Industries would own 85% of the partnership’s equity and the couple would own 15% of the partnership’s equity.
On July 5, 2022, CT wired $20,000 from California to Bear Industries’ bank account. After receiving the money, Miller wired $4,000 to his personal bank account, paid employees, paid $5,266.64 for a mortgage on another property, and wired $9,000 to a separate bank account, according to investigators.
In November 2022, Miller told CT that the project was “delayed by two months,” but claimed the property would open in 60 days. Agents said that after December 2022, CT never heard from Miller again, despite multiple attempts to contact him. He still hasn’t gotten his investment back.
In June 2024, CT drove by the property and said that the dry storage property had not been built.
Miller appeared for his first hearing before U.S. Magistrate Judge Dwane Tinsley on Monday afternoon.
After reviewing an affidavit regarding his financial circumstances, the court concluded that he was not entitled to a public defender. A preliminary hearing is scheduled for Thursday.
In a motion for pretrial detention, U.S. prosecutors said there was a serious risk that Miller would flee and that justice could be obstructed. Tinsley said pretrial detention would be decided at a hearing later this week, but he should remain incarcerated at the South Central Regional Jail.
