Michael Wayne Galvan, 61, reportedly operated as a high-end contractor under MWG Ventures LLC doing business as MGB Builders.
Officials said from February 2016 until March 2018, Galvan used his position within the rodeo to find his victims. He would allegedly solicit short-term loans by offering the chance to earn interest through his contracting business.
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Galvan, who was arrested in 2023, reportedly told the victims that he would purchase granite and exotic tiles from China and various overseas locations for his company.
The former VP hauled in nearly $2.8 million from multiple victims, who were private investors. As part of a plea deal, Galvan admitted to not using the money as he intended. According to the indictment last year, the money was used to repay loans and interest to other lenders.
The Houston Livestock Show and Rodeo sent out a statement regarding the former VP's charge, stating he has not been affiliated with the organization for the last five years.
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.
Officials said Galvan is expected to be sentenced on Dec. 5, 2024, and will remain on bond pending the hearing.
He could face up to 20 years in prison, a $250,000 fine, and full restitution to those he defrauded.