HOUSTON – A former Houston Livestock Show and Rodeo vice-president has been convicted on wire fraud charges, according to FBI Houston.
#BREAKING Michael Wayne Galvan, a former #Houston Livestock and Rodeo VP, was just convicted on wire fraud charges.
— FBI Houston (@FBIHouston) September 26, 2024
He obtained over $2.8 million from investors he found using his position with the rodeo, including victims who were also in rodeo leadership positions. #HouNews pic.twitter.com/CCFG3S2ODq
Michael Wayne Galvan obtained $2.8 million from investors he found using his position with the rodeo, including victims who were also in rodeo leadership positions, according to the FBI.
Galvan was taken into custody for the charges on Oct. 12, 2023.
A three-count indictment alleged Galvan owned and operated MWG Ventures LLC dba MGB Builders. He defrauded several people by making false representations to obtain loans from them, the DOJ said.
Galvan solicited loans to purchase tile and granite from China and overseas for his construction business, according to the charges. However, the indictment alleges he did not use the loan money for that purpose and instead used some of it to repay loans and interest to other lenders.
“As part of his plea before U.S. Magistrate Judge Rick Bennett, Galvan admitted he did not use the money for its intended purpose. The scheme unraveled when he ran out of victims and money. In total, he defrauded multiple victims of approximately $2.8 million. U. S. District Judge Charles Eskridge will impose sentencing Dec. 5. At that time, Galvan faces up to 20 years in federal prison and a possible $250,000 maximum fine as well as full restitution to his victims. He was permitted to remain on bond pending that hearing,” according to the U.S. Attorney’s Office.
The Houston Livestock Show and Rodeo released a statement:
Michael Galvan was a volunteer at the Houston Livestock Show and Rodeo. The Houston Livestock Show and Rodeo is a beloved community institution, and we expect all volunteers to embody our values and honor the trust placed in them. Mr. Galvan has not been affiliated with our organization since 2019.