A 26-year-old Simi Valley man has been arrested on suspicion of stealing more than $97,000 from an 89-year-old retiree in a cryptocurrency theft scheme. The Ventura County Sheriff’s Office arrested William Ly on August 4, following a months-long investigation.
Authorities allege that Ly befriended the elderly victim through a mutual acquaintance at a local breakfast club. Ly reportedly assisted the victim with his cellphone, including resetting the password to his Coinbase cryptocurrency account, which was directly linked to the victim's bank account. The alleged scheme spanned from June 2024 to September 2025, when the victim discovered a significant portion of his funds was missing.
The Sheriff’s Office Financial Crimes Unit, in collaboration with the FBI and the Ventura County Fraud Working Group, traced the missing money through financial records. Investigators stated that more than $97,000 was drained through over 80 separate cryptocurrency transactions, with the funds ultimately directed to accounts and crypto wallets believed to belong to Ly.
Ly was booked on suspicion of violating California laws related to financial elder abuse, grand theft, and identity theft. Investigators are also exploring the possibility of additional victims who may not have yet come forward. Anyone with information or who believes they may have been victimized is encouraged to contact Senior Deputy Andrew Van Gundy of the Ventura County Sheriff’s Office at 805-494-8231. The investigation began in November 2025 after the Sheriff’s Office received a report of financial theft involving the elderly victim.