A man from Victoria has been sentenced to over two years in federal prison after being found guilty of conspiracy to commit wire fraud, as announced by U.S. Attorney Nicholas J. Ganjei. Michael Wayne Galvan, aged 62, pleaded guilty to the charges on September 26, 2024.
U.S. District Judge Charles Eskridge handed down the sentence, which includes 27 months in federal custody followed by a three-year supervised release. Galvan is also required to pay nearly $3 million in restitution. The court took into account victim statements concerning the seriousness and lasting impacts of Galvan's fraudulent activities.
Operating under the business name MWG Ventures LLC dba MGB Builders, Galvan defrauded at least six private investors of more than $2.8 million. He found many of his victims while volunteering as a vice president at the Houston Livestock Show and Rodeo (HLSR). From 2016 to 2018, using his position, Galvan solicited short-term loans from fellow volunteers by promising them interests of 10 to 12 percent, supposedly to fund purchases of materials for his construction business.
Galvan admitted to not using the funds for their proposed purposes. His fraudulent scheme, which involved making false representations about buying materials like exotic tiles and granite from overseas, fell apart when he could no longer find new victims or money. In total, he misappropriated $2,878,661.30.
Galvan has been allowed to remain on bond and will voluntarily surrender to a designated U.S. Bureau of Prisons facility.
The investigation was conducted by the FBI, with Assistant U.S. Attorneys Christian Latham and Thomas Carter prosecuting the case.