HOUSTON – A 55-year-old Houston resident is now in custody for wire fraud in relation to a fraudulent loan scheme, announced U.S. Attorney Alamdar S. Hamdani.
Authorities took Michael Wayne Galvan into custody Oct. 12. He is expected to make his initial appearance before U.S. Magistrate Judge Christina Bryan at 2 p.m.
The three-count indictment, returned Aug. 17, alleges Galvan owned and operated MWG Ventures LLC dba MGB Builders. He allegedly defrauded various individuals by making false representations to obtain loans from them.
Galvan solicited loans to purchase tile and granite from China and overseas for his construction business, according to the charges. However, the indictment alleges he did not use the loan money for that purpose and instead used some of it to repay loans and interest to other lenders.
If convicted, Galvan faces up to 20 years in prison and a possible $250,000 maximum fine.
The FBI conducted the investigation. Assistant U.S. Attorney John Braddock is prosecuting the case.
An indictment is a formal accusation of criminal conduct, not evidence. A defendant is presumed innocent unless convicted through due process of law.