Web Desk
HOUSTON — A former vice president of the Houston Livestock Show and Rodeo has been sentenced to federal prison after admitting to wire fraud in a multi-million-dollar investment scam.
Michael Wayne Galvan, 61, was arrested in October 2023 after authorities uncovered his fraudulent activities.
Prosecutors revealed that he used his position to deceive investors, including fellow Houston Livestock Show and Rodeo (HLSR) members, into providing nearly $3 million in short-term loans.
Galvan, who also operated as a high-end contractor under the business name MGB Builders, promised investors lucrative returns of 10 to 12 percent interest.
He falsely claimed the funds would be used to purchase construction materials from China and other international suppliers.
Instead, he used the money to pay off previous debts and interest to earlier investors, creating a Ponzi-like scheme.
The fraud unraveled when Galvan could no longer secure new victims or additional funds to sustain the scam.
He was sentenced to 27 months in federal prison, followed by three years of supervised release, and ordered to pay $3 million in restitution.
The Federal Bureau of Investigation (FBI) conducted the investigation, leading to Galvan’s conviction.
He is expected to surrender to federal authorities for imprisonment at a later date.
