A California man faces felony charges for allegedly defrauding an 89-year-old man out of nearly $100,000 through a cryptocurrency scam. William Bao Khoa Ly, 26, of Simi Valley, was arrested on August 4, 2026, and pleaded not guilty on August 18, 2026, to charges including theft from an elder, grand theft, and unauthorized use of personal identifying information.
According to the Ventura County District Attorney’s Office, Ly met the elderly victim in June 2024 at a McDonald's restaurant in Thousand Oaks. Ly reportedly offered assistance with the victim's electronic devices, claiming proficiency in technology. Over the subsequent year, Ly allegedly visited the victim two to three times a week. During these visits, prosecutors claim Ly obtained the victim's cell phone PIN, which he then used to access the elder's bank and cryptocurrency accounts.
Prosecutors allege that Ly made approximately 91 transactions, transferring about $100,000 from the victim's accounts to cryptocurrency accounts he controlled. The victim's bank detected the alleged fraud and managed to recover more than $50,000 of the stolen funds.
Ly was released from custody after posting $50,000 bail and is scheduled to appear in Ventura County Superior Court again on September 22, 2026. Booking records indicate Ly is 6 feet, 2 inches tall and was listed with the occupation "care salesman," which is believed to be a typo for car salesman.
The case highlights ongoing warnings from authorities about sophisticated scams targeting older adults. In July, a separate alert noted an organized criminal network in Sonoma County preying on elderly victims.