Nicholas J. Ganjei United States Attorney for the Southern District of Texas | U.S. Attorney for the Southern District of Texas
A 62-year-old man has been sentenced for conspiracy to commit wire fraud, according to U.S. Attorney Nicholas J. Ganjei. Michael Wayne Galvan, who pleaded guilty on September 26, 2024, received a 27-month federal prison sentence from U.S. District Judge Charles Eskridge. Following his imprisonment, Galvan will be subject to three years of supervised release. He has been ordered to pay nearly $3 million in restitution after defrauding investors.
Galvan, operating a contracting business under the name MWG Ventures LLC dba MGB Builders, secured over $2.8 million fraudulently from at least six private investors. Some of these investors were identified through his involvement as vice president at the Houston Livestock Show and Rodeo (HLSR). From February 2016 to March 2018, Galvan leveraged his position at HLSR to solicit loans, promising returns of 10 to 12 percent through his contracting business.
He falsely claimed that the borrowed funds would purchase construction materials, such as exotic tiles and granite, from China and other countries. At his plea hearing, Galvan admitted he did not use the money for its promised purpose, effectively defrauding victims of $2,878,661.30. His scheme collapsed when he could no longer attract new investors.
Galvan is still on bond and will voluntarily surrender to a U.S. Bureau of Prisons facility, which has yet to be determined. The case was investigated by the FBI and prosecuted by Assistant U.S. Attorneys Christian Latham and Thomas Carter.
