HOUSTON – A 62-year-old man has been sentenced for conspiracy to commit wire fraud, leaving behind a trail of devastation for at least six private investors who collectively lost over $2.8 million.
MICHAEL WAYNE GALVAN, operating under the guise of MWG Ventures LLC dba MGB Builders, pleaded guilty on September 26, 2024, to the crime. U.S. District Judge Charles Eskridge has since ordered Galvan to serve 27 months in federal prison, to be immediately followed by three years of supervised release.
The court also ordered Galvan to pay nearly $3 million in restitution, a staggering sum that is a testament to the severity of his crimes. At the hearing, the court considered victim statements regarding the lasting impact of Galvan’s offense, including the negative consequences they continue to suffer.
Galvan’s scheme unfolded from February 2016 to March 2018, during which he used his position as a vice president of the Houston Livestock Show and Rodeo (HLSR) to find unsuspecting victims. Many of these victims were also in volunteer leadership positions, making them an easy target for Galvan’s deceitful tactics.
To solicit short-term loans, Galvan offered his victims opportunities to earn 10 to 12 percent interest through his contracting business. However, he falsely represented that he would use the money to purchase materials such as exotic tiles and granite from China and other overseas countries for his construction business.
The scheme ultimately unraveled when Galvan ran out of victims and money. In total, he defrauded multiple victims of $2,878,661.30, a staggering amount that is a stark reminder of the devastating consequences of his actions.
The FBI conducted the investigation, and Assistant U.S. Attorneys Christian Latham and Thomas Carter prosecuted the case. Galvan was permitted to remain on bond and will voluntarily surrender to a U.S. Bureau of Prisons facility in the near future.
Related Federal Cases
- Shannon Tecoko Mays, Conspiracy to Commit Wire Fraud, Texas, 2012 · Texas
- Michael Scott Calhoun, Wire/Mail Fraud, OK, 2023 · Alabama
- Terrence Miles, Conspiracy to Commit Robbery, IA, 2023 · Nebraska
- Mark C. Simpson, Child Support Fraud and Drug Conspiracy, Atlanta G… · Illinois
- Albert Davis, Wire Fraud, Kansas City, MO, 2023 · Missouri
Key Facts
- State: Texas
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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