Former Houston Livestock, Rodeo VP convicted of wire fraud totaling over $2.8 million – Houston Public Media

Federal Bureau of Investigation

Former Houston Livestock and Rodeo VP, Michael Wayne Galvan, pleaded guilty Thursday to conspiracy to commit wire fraud, according to the U.S. Attorney’s Office for the Southern District Court of Texas.

Galvan, 61, is facing up to 20 years in federal prison and a possible maximum fine of $250,000 for fraudulently obtaining over $2.8 million from at least six private investors, according to the U.S. Attorney’s Office.

From February 2016 to March 2018, Galvan used his position to steal millions from private investors, many of whom he met via the rodeo. According to the U.S. Attorney’s Office, Galvan would solicit loans from private investors for his contracting business MWG Ventures LLC dba Mgb Builders.

Galvan would present the loans as having an earning potential of 10 to 12 percent. He told investors he would use the loan money to import valuable tiles and granite from China to use in his contractor business.

As part of his guilty plea, Galvan admitted to not using the funds for their intended purpose. According to the U.S. Attorney’s Office, his scheme ultimately ran out of victims and money.

Galvan is currently out on bond awaiting his Dec. 5 sentencing.

The investigation into his wire fraud scheme was conducted by the FBI and Galvan was originally arrested in 2023.