LOS ANGELES, CA – A 26-year-old Simi Valley man is facing multiple felony charges after prosecutors alleged he befriended an 89-year-old Thousand Oaks resident, offered to help him with technology and then used access to the man’s cellphone to steal nearly $100,000 over more than a year.
William Bao Khoa Ly was arraigned Aug. 18 and pleaded not guilty to all charges, according to the Ventura County District Attorney’s Office.
Ly is charged with felony counts of theft from an elder or dependent adult, grand theft and unauthorized use of personal identifying information. Prosecutors also alleged several aggravating factors, including that the victim was particularly vulnerable, that the alleged scheme demonstrated planning and sophistication and that Ly took advantage of a position of trust.
The allegations remain unproven, and Ly is presumed innocent unless and until convicted.
The case began with an apparently ordinary encounter in June 2024.
According to prosecutors, Ly met the 89-year-old man at a McDonald’s restaurant in Thousand Oaks and told him that he was knowledgeable about electronic devices and could assist him with technology.
The relationship continued after that first meeting.
The District Attorney’s Office said Ly began visiting the man approximately two to three times each week. During those visits, prosecutors allege, he obtained the victim’s cellphone PIN and used that access to reach the man’s financial accounts.
What prosecutors describe next was not a single unauthorized withdrawal.
Between approximately June 2024 and August 2025, Ly allegedly completed about 91 separate transactions, moving money from the victim’s bank account into cryptocurrency accounts that Ly owned or controlled.
The alleged loss totaled nearly $100,000.
After the activity was discovered, the victim’s bank was able to recover more than $50,000, according to the District Attorney’s Office.
Authorities have not publicly explained exactly how the transactions were first discovered or what prompted the victim, his bank or another person to recognize that money was being moved without authorization.
That part of the investigation has not been disclosed.
Prosecutors say trust was central to the alleged scheme
Unlike many financial fraud cases that begin with an unsolicited phone call, text message or email from a stranger, prosecutors say this case developed through an in-person relationship.
That distinction is central to the warning being issued by Ventura County authorities.
“This case is a stark reminder that financial predators can use friendship and trust as a means to gain access to a person’s finances,” Chief Investigator Scott Whitney said in the District Attorney’s announcement.
Whitney urged families to be cautious about who is permitted to access a vulnerable person’s cellphone, passwords, PIN numbers and financial accounts.
The Ventura County District Attorney maintains a specialized elder abuse prosecution program that handles cases involving financial abuse, identity theft, neglect and other crimes against people 65 or older.
According to the office’s Elder Abuse prosecution program, designated prosecutors work with law enforcement, Adult Protective Services, senior organizations and other agencies to investigate and prosecute crimes involving elderly victims.
California law generally defines an elder for these purposes as someone who is at least 65 years old.
The alleged victim in Ly’s case was 89.
Access to a phone can mean access to much more
The allegations also illustrate how much financial information can now be reached through a single device.
A smartphone can contain saved passwords, banking applications, cryptocurrency accounts, email, text-message authentication codes and personal identifying information.
Prosecutors allege Ly obtained the victim’s PIN and then used the phone to gain unauthorized access to both conventional banking and cryptocurrency accounts.
Ventura County’s own guidance for investigators handling elder financial abuse highlights the importance of documenting a suspect’s access to financial information and obtaining records showing the dates, amounts and locations of suspicious transactions.
The District Attorney’s elder financial abuse investigation guidance also advises investigators to obtain banking information, identify when losses occurred and determine how fraudulent activity was discovered.
Those investigative principles are directly relevant to a case built around dozens of allegedly unauthorized transfers over an extended period.
The District Attorney’s Office has not disclosed whether biometric access, saved passwords, two-factor authentication codes or other security features were allegedly bypassed or used.
It has said only that Ly allegedly obtained the cellphone PIN and subsequently accessed the victim’s accounts.
Cryptocurrency transfers are part of the investigation
The use of cryptocurrency is another significant element in the case.
Prosecutors allege the money was moved from the victim’s bank account into cryptocurrency accounts owned or controlled by Ly.
The official release does not specify which cryptocurrency exchanges or digital assets were involved.
It also does not explain whether investigators recovered cryptocurrency or other assets beyond the more than $50,000 the victim’s bank was able to recover.
The investigation was conducted by the Ventura County Sheriff’s Office East County Investigations Bureau Financial Crimes Unit, with assistance from the FBI through the Ventura County Multi-Agency Fraud Working Group.
The working group brings together the Ventura County Sheriff’s Office, FBI, Ventura County District Attorney’s Office, Oxnard Police Department, Ventura Police Department, U.S. Secret Service and Internal Revenue Service.
Its stated focus includes investigating fraud, recovering stolen assets and educating the public about financial crime prevention.
That multi-agency structure can become particularly useful when alleged financial transactions cross traditional banking systems, involve cryptocurrency or require tracing assets through multiple accounts.
Authorities are looking for possible additional victims
Investigators have not said that another victim has been identified.
However, they are explicitly leaving open that possibility.
The District Attorney’s Office said there may be additional victims who have not yet come forward and asked anyone who believes they may have been victimized or who has relevant information to contact investigators.
Ventura County Sheriff’s Senior Deputy Andrew Van Gundy can be reached at 805-494-8231.
Authorities have not explained what evidence led investigators to believe there could be other victims.
They also have not said whether Ly is suspected of approaching other older adults using similar offers of technical assistance.
Ventura County has handled other elder fraud cases this year
The prosecution comes amid broader efforts by Ventura County authorities to combat financial schemes targeting older residents.
In May, the District Attorney’s Office announced guilty pleas in a separate case involving defendants accused of participating in a scheme in which an older resident was persuaded to withdraw $25,000 after receiving fraudulent claims that his accounts were connected to criminal activity.
In that case, officials warned that scammers deliberately exploit fear and isolation and encouraged relatives, neighbors and caregivers to maintain regular contact with older adults.
The circumstances of that case were different from the allegations against Ly.
There is no indication the cases are connected.
Together, however, they illustrate two very different ways elder financial abuse can occur: through remote impersonation by strangers, or through an alleged relationship in which trust develops over time.
The Ly case falls into the second category, according to prosecutors.
Charges include alleged abuse of trust
Ly faces three felony charges.
The District Attorney identified them as theft from an elder or dependent adult under California Penal Code Section 368(d), grand theft under Section 487(a) and unauthorized use of personal identifying information under Section 530.5(a).
Prosecutors have also alleged three aggravating circumstances.
They contend that the victim was particularly vulnerable; that the alleged offenses showed planning, sophistication and professionalism; and that Ly took advantage of a position of trust.
Those aggravating factors do not constitute separate convictions.
They can become relevant to sentencing if a defendant is ultimately convicted and a court finds the allegations applicable.
Ly pleaded not guilty to all charges at his Aug. 18 arraignment.
He remains out of custody on $50,000 bail.
Next hearing scheduled for September
Ly is scheduled to return to Ventura County Superior Court for an early disposition conference on Sept. 22 at 1:30 p.m. in Courtroom 37, according to the District Attorney’s Office.
The case number is 2026020396, with Ventura County Superior Court number 26CF100090.
An early disposition conference occurs before a trial and can involve discussions about the status of a criminal case, possible resolution, discovery and future proceedings.
It does not mean an agreement will necessarily be reached.
The Ventura County Superior Court’s current judicial assignment list identifies its criminal court calendars and related proceedings at the Hall of Justice at 800 S. Victoria Avenue in Ventura.
Senior Deputy District Attorney Dominic Kardum, a member of the office’s Elder Financial Fraud Unit, is prosecuting the case.
What families can watch for
The allegations have led investigators to emphasize practical precautions rather than focusing only on sophisticated cybersecurity.
In a situation like the one prosecutors describe, the vulnerability allegedly came from another person gaining trusted access to a device.
Families assisting older relatives can reduce risk by limiting who knows PIN numbers and passwords, regularly reviewing banking and credit-card activity and questioning unexplained transfers or new cryptocurrency transactions.
Ventura County’s elder abuse investigative materials also emphasize preserving financial statements and other records and contacting financial institutions quickly when unauthorized activity is discovered.
That rapid response can matter.
In this case, prosecutors say the victim’s financial institution recovered more than half of the approximately $100,000 allegedly transferred after the fraud was detected.
It remains unclear whether the rest of the money has been recovered.
Elder abuse resources remain available
Ventura County maintains services for older residents and other crime victims who need help navigating the criminal justice system.
The county’s Crime Victims’ Assistance Unit provides victim advocates who can assist with court proceedings, referrals, protective orders and restitution-related services.
The District Attorney’s Elder Abuse program also works with law enforcement agencies and senior organizations to raise awareness of financial exploitation and other crimes targeting elderly residents.
In Ly’s case, prosecutors allege that what began as an offer to help an older man with technology eventually gave the defendant access to information that allowed him to move money repeatedly over approximately 14 months.
Whether prosecutors can prove those allegations will be determined through the court process.
For now, Ly has pleaded not guilty, remains free on bail and is scheduled to return to court Sept. 22.
Authorities continue asking anyone who believes they may have additional information or may have experienced similar conduct to contact investigators at 805-494-8231.
