A former vice president of RodeoHouston, Michael Wayne Galvan, has entered a guilty plea for federal wire fraud charges and might be sentenced to as much as 20 years in prison, Galvan, 61, acknowledged participating in a fraudulent loan scheme under the auspices of his contracting business, MGB Builders, from 2016 to 2018, as reported by the Houston Chronicle.
The operation involved obtaining financial investments from numerous individuals under the pretense that the funds would be utilized to acquire granite and tile from China for his property development firm, MGB Builders; however, these funds were redirected to settle previous loans and the complex web Galvan had woven began to unravel when he ran out of both new victims and money to sustain the ploy, ABC 13 detailed. This intricate scheme netted him approximately $2.8 million. Galvan's role at RodeoHouston afforded him a vantage to access potential victims whom he then convinced to invest under false pretenses.
Galvan's scheme came to a head after a federal investigation exposed the fraud, leading to his apprehension in 2023, and ultimately, his guilty plea. Although he once held positions, including as the chairman of the Houston Livestock Show and Rodeo's commercial exhibits committee, the organization has distanced itself from him with a statement declaring that Galvan has not been affiliated with our organization since 2019. According to a statement obtained by the ABC 13, RodeoHouston emphasized the significance of trust and values among their volunteers, underscoring the breach committed by Galvan.
The U.S. District Court has set the sentencing date for December 5, where Galvan faces the potential of a substantial prison term, a $250,000 fine, and the obligation of restitution to his victims; details of the legal proceedings and potential sentencing outcomes continue to unfold as Galvan remains on bond until the sentencing hearing.
