Houston’s Former Rodeo VP Sentenced for Wire Fraud

News Summary

In a shocking case of deception, Michael Wayne Galvan, former vice president of the Houston Livestock Show and Rodeo, was sentenced to 27 months in federal prison for running a wire fraud scheme. He defrauded investors of nearly $3 million, promising high returns through his business, MGB Builders, only to misappropriated funds to cover personal loans. His actions have shaken the community, particularly as he exploited his position within the esteemed rodeo organization. As the final sentencing approaches, many are left wondering about the implications of this scandal.

Houston’s Former Rodeo VP Sentenced for Wire Fraud

Houston, a city known for its lively culture and strong community spirit, recently faced a shocking revelation as a former vice president of one of its biggest events, the Houston Livestock Show and Rodeo, found himself in hot water. Michael Wayne Galvan, at the age of 61, faced the consequences of his actions after being arrested in October 2023.

A Fraudulent Scheme Unraveled

Galvan, who once held a respected position within the rodeo community, pleaded guilty to charges of wire fraud. His elaborate scheme saw him defraud unsuspecting investors out of nearly $3 million. Operating under the guise of a high-end contractor, Galvan promised lucrative returns of 10 to 12 percent interest through his business, MGB Builders.

But instead of using the funds to follow through on his promises of purchasing building materials like exotic tiles and granite from overseas suppliers, Galvan had other plans. It turns out he was using the money to repay loans and interests to other lenders, creating a web of deception that spiraled out of control between February 2016 and March 2018.

Targeting Victims

What makes this story even more troubling is how Galvan exploited his position with the rodeo to target his victims. Among those he deceived were at least two other leaders within the Houston Livestock Show and Rodeo organization. This breach of trust and abuse of his connections left many people in the community shocked and disappointed.

An End to the Deception

His fraudulent activities began to crumble when he found himself out of options, exhausting both his pool of victims and available funds. Authorities have noted that the investigation into Galvan’s actions was carried out by the FBI, leading to his eventual downfall.

Consequences of the Crime

In a significant turn of events, Galvan was sentenced to 27 months in federal prison, a stark reminder of the consequences that come with white-collar crime. After serving his time, he will also face three years of supervised release. In addition to his prison sentence, he has been mandated to repay the full $3 million to his victims, underscoring the seriousness of his actions.

What Lies Ahead for Galvan?

While Galvan’s initial sentencing took place, more twists may follow. He has yet to surrender, as he was allowed to remain on bond pending his transfer to a designated prison facility. Looking into the future, he faces the possibility of additional penalties that could include fines of up to $250,000 and a potential prison sentence extending to 20 years.

The Community’s Reaction

The Houston community is left to pick up the pieces as it grapples with the fallout of this scandal. Since 2019, Galvan has had no affiliation with the Houston Livestock Show and Rodeo, but the memory of his actions has undoubtedly cast a shadow over what is otherwise a cherished annual event. As the date for his final sentencing draws closer on December 5, 2024, residents are left to wonder what lessons will emerge from this alarming situation.

The story serves as a reminder of the importance of vigilance and integrity within communities, encouraging those involved in local organizations to act honorably and act as good stewards of the trust placed in them.

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Additional Resources

• KHOU
• ABC13
• Fox 26 Houston
• Houston Chronicle
• Wikipedia: Wire Fraud