In the early part of 2011, Kenneth Andam met with a husband and wife in Utah County to discuss Andam’s company, Globa, Inc. Andam stated that Globa was on the cutting edge of technology which allowed individuals to transfer money to other individuals via their cell phones. Andam claimed Globa had many contracts and customers in Africa and that the company was on the verge of going public and being listed on the New York Stock Exchange. Andam informed the husband and wife that their investment in Globa would be placed in a secure account associated with Barclay’s Bank in London and that they would receive an annual return of 24%. Andam told the couple that their money would not leave the account and that the couple could go online at anytime to check the status of their investment.
In July 2011, the husband and wife gave Andam $325,000, the entirety of their retirement savings. The couple would regularly go online to check the status of their investment and the balance consistently appeared unchanged. In the latter part of 2011, the couple requested their 6-month interest payment, as promised by Andam. Andam provided them with a check for $30,000. The couple eventually asked to withdraw their entire investment with Andam. After giving multiple excuses, Andam never returned the couple’s investment.
The couple contacted the Utah Division of Securities and the Utah Attorney General’s Office for assistance and a detective from the Utah County Sheriff’s Office undertook the investigation. The investigation showed that after the couple placed their money with Andam, he immediately began transferring the money to different accounts that he controlled. Andam used the couple’s money to take trips to Africa, pay his mortgage and to pay for personal expenses. Investigators also learned that the $30,000 interest payment that Andam paid to the couple was actually the couple’s own money. A bank analysis demonstrated that Andam consumed the entire $325,000 within 6 months of receiving the couple’s money. The investigation suggests that there may be other individuals who gave Andam money. If someone believes they are victim, please contact your local police agency.
As part of the plea agreement in this case, Kenneth Ekow Andam agreed to pay $317,000 to the victims in this matter. Andam will also be placed on the White-Collar Crime Offender Registry. Sentencing is set for February 27, 2018, before the Honorable James M. Brady.