Houston Resident in Custody for Wire Fraud in Loan Scheme
A 55-year-old Houston resident, Michael Wayne Galvan, was taken into custody on October 12 for wire fraud in connection to a fraudulent loan scheme, as announced by U.S. Attorney Alamdar S. Hamdani.
Galvan is set to appear for his initial hearing before U.S. Magistrate Judge Christina Bryan at 2 p.m.
An indictment with three counts, issued on August 17, alleges that Galvan operated MWG Ventures LLC, doing business as MGB Builders. He is accused of deceiving multiple individuals by providing false information to secure loans from them.
The charges assert that Galvan requested loans for the purported purpose of purchasing tile and granite from China and other overseas sources for his construction business. However, the indictment alleges that he did not utilize the loan funds as promised and, instead, diverted some of the money to repay loans and interest to other lenders.
In the event of a conviction, Galvan could face a sentence of up to 20 years in prison and a maximum fine of $250,000.