An 89-year-old retired man lost more than $97,000 in an alleged cryptocurrency theft scheme, authorities said.
William Ly, 26, of Simi Valley, was arrested Aug. 4 on suspicion of financial elder abuse, grand theft and identity theft after a months-long investigation by the Ventura County Sheriff’s Office.
Investigators said the alleged scam began after Ly was introduced to the elderly victim through a mutual acquaintance at a local breakfast club for retired men.
The two developed a friendship, and Ly later assisted the senior with his cellphone, including helping reset the password to the man’s Coinbase cryptocurrency account, according to authorities.
That Coinbase account was directly linked to the victim’s bank account, investigators said.
Authorities said the relationship continued from June 2024 until September 2025, when the victim realized a large amount of money had disappeared.
The sheriff’s Financial Crimes Unit, working alongside the FBI and the Ventura County Fraud Working Group, reviewed financial records to follow the trail of the missing funds.
Officials allege more than $97,000 was siphoned through more than 80 separate cryptocurrency transactions, with the money eventually moving into accounts and crypto wallets allegedly controlled by 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.
