Former RodeoHouston Vice President convicted for $2.8M in wire fraud
HOUSTON - The FBI has reported a former Houston Livestock Show and Rodeo Vice President has been convicted on wire fraud charges.
Officials say Michael Wayne Galvan, received more than $2.8 million from at least six private investors he met by using his position as VP, including those who were also in other leadership positions at RodeoHouston.
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The U.S. Attorney's Office stated from February 2016 to March 2018, he asked for short-term loans by offering the chance to earn 10 to 12 percent interest through his contracting business. Galvan told victims he would use the money to buy exotic tiles and granite from China and other countries for his construction business.
Galvan admitted to authorities he did not use the money as he told the victims and his plot came apart when he ran out of victims and money.
He faces up to 20 years in federal prison and a possible $250,000 maximum fine as well as full restitution to his victims.