An 89-year-old retiree was swindled out of more than than $97,000 in a crypto theft scheme, cops said.
William Ly, 26, of Simi Valley was arrested Aug. 4 on suspicion of financial elder abuse, grand theft and identity theft following a months-long investigation by the Ventura County Sheriff’s Office.
The alleged scheme began after Ly met the elderly victim through a mutual acquaintance at a local breakfast club for retired men, according to investigators.
The pair became friends, and Ly eventually helped the senior citizen with his cellphone, including resetting the password to his Coinbase cryptocurrency account, authorities said.
That account was connected directly to the victim’s bank account.
Investigators said the relationship continued from June 2024 until September 2025, when the victim discovered that a substantial amount of his money had vanished.
The sheriff’s Financial Crimes Unit, working with the FBI and Ventura County Fraud Working Group, then traced the missing cash through financial records.
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Authorities allege more than $97,000 was drained in more than 80 separate cryptocurrency transactions, with the funds ultimately landing in accounts and crypto wallets allegedly belonging to Ly.
The investigation was launched in November 2025 after the Sheriff’s Office received a report of financial theft involving the elderly victim.
Ly was booked on suspicion of violating California laws covering financial elder abuse, grand theft and identity theft.
Now authorities believe the alleged victim may not have been the only one. Investigators said there could be additional victims who have yet to come forward.
Anyone who believes they may have been victimized or has information that could help investigators is asked to contact Senior Deputy Andrew Van Gundy with the Ventura County Sheriff’s Office at 805-494-8231.
