Michael Wayne Galvan, a 62-year-old Victoria contractor, has been sentenced to a 27-month stint in federal prison for his role in a conspiracy to commit wire fraud, defrauding investors of nearly $3 million, the U.S. Attorney's Office announced. The financial deceit spanned from February 2016 to March 2018 and targeted at least six private investors who were promised inflated returns on short-term loans for buying construction materials from overseas for Galvan's business, MWG Ventures LLC, which does business as MGB Builders, according to the U.S. Attorney’s Office.
In a statement obtained by the U.S. Attorney’s Office, U.S. District Judge Charles Eskridge ordered Galvan to pay close to $3 million in restitution and to serve three years of supervised release following his prison term. The court, considering the seriousness of Galvan's offense, also heard victim statements describing the ongoing negative impact his crimes had on their lives. Volunteering as a vice president of the Houston Livestock Show and Rodeo (HLSR), Galvan used his position to secure future victims, many of whom also held volunteer leadership roles, promising them 10 to 12 percent interest through investments in his contracting business.
Galvan admitted that he did not use the investment funds for purchasing materials as he had represented when he pleaded guilty on September 26, 2024. Having run out of both victims and money, his scheme came to light, leaving him liable for the restitution of the $2,878,661.30 he had stolen from these individuals. Despite his upcoming prison sentence, Galvan has been permitted to remain on bond and will voluntarily surrender to a U.S. Bureau of Prisons facility to be determined at a later date, as reported by the U.S. Attorney’s Office. The FBI investigated Galvan's fraud, and the case was prosecuted by Assistant U.S. Attorneys Christian Latham and Thomas Carter.
