HOUSTON – A 61-year-old Houston contractor has pleaded guilty to conspiracy to commit wire fraud, admitting he defrauded investors of millions of dollars, U.S. Attorney Alamdar S. Hamdani announced.
Michael Wayne Galvan, who operated under MWG Ventures LLC dba MGB Builders, fraudulently obtained over $2.8 million from at least six private investors through a material scheme. Galvan, a high-end contractor specializing in granite and tile work for hotels and apartments, solicited short-term loans from individuals, falsely promising lucrative returns of 10 to 12 percent interest.
From February 2016 to March 2018, Galvan used his connections within the Houston Livestock Show and Rodeo, where he served in leadership roles since 2003, to target potential victims. In 2012, Galvan was appointed chairman of the Commercial Exhibits Committee and was elected to the rodeo's board of directors in 2013. Many of the individuals he defrauded held leadership positions in the rodeo organization.
According to court documents, Galvan claimed the funds would be used to purchase exotic tiles and granite from overseas for his construction business. However, he admitted before U.S. Magistrate Judge Rick Bennett that the money was not used as intended. The scheme collapsed when Galvan ran out of new investors and funds.
In total, Galvan defrauded multiple victims out of approximately $2.8 million.
#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
A 2016 profile highlighted Galvan's extensive involvement with the Houston Livestock Show and Rodeo, where he held various leadership positions, including officer roles on the Commercial Exhibits, Feed Store, Rodeo Merchandise, and Veterinarian committees. In the profile, Galvan credited his parents for teaching him the value of giving back to the community and helping others.
"[Rodeo volunteers] all have the same goal—to support the youth of Texas. It is a great thing we do as a community, and the friendships you make out at the Show are lifelong," Galvan was quoted as saying in 2016.
Galvan is set to be sentenced on Dec. 5 by U.S. District Judge Charles Eskridge. He faces up to 20 years in federal prison, a possible fine of $250,000, and full restitution to his victims. Until then, he has been allowed to remain free on bond.
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