THOUSAND OAKS, Calif. — A 26-year-old Simi Valley resident has been taken into custody by financial crimes investigators after allegedly befriending an 89-year-old man, gaining access to his personal mobile device, and siphoning nearly $100,000 from his linked bank account via cryptocurrency transfers, law enforcement authorities announced.
The suspect, identified as William Ly, was arrested on Tuesday, August 4, 2026, following a detailed financial audit led by the Ventura County Sheriff’s Office East County Investigations Bureau Financial Crimes Unit, in close collaboration with federal agents from the Federal Bureau of Investigation (FBI) and the regional Ventura County Fraud Working Group.
The criminal investigation officially commenced in November 2025, when Sheriff's deputies received a formal report regarding a massive, unexplained loss of personal savings reported by an elderly victim residing in the 5300 block of Via Jacinto in Thousand Oaks.
Deceptive Breakfast Club Friendship Leads to Account Takeover
According to official investigative records released by the Ventura County Sheriff's Office, Ly was initially introduced to the 89-year-old victim through a mutual acquaintance during a local "breakfast club" gathering composed of retired gentlemen in the Conejo Valley.
Over a period spanning from June 2024 through September 2025, Ly systematically cultivated a close personal friendship with the senior citizen. Under the guise of providing helpful technical support, Ly offered to assist the elderly man with optimizing his smartphone settings and managing his digital applications.
During one of these technical sessions, Ly reportedly reset the security credentials and account password for the victim's Coinbase cryptocurrency exchange account, which was directly linked to the victim's primary checking account for automatic debits.
Unbeknownst to the victim, Ly maintained control over the modified digital wallet. The theft went undiscovered for over a year until September 2025, when the victim conducted a routine financial review and noticed substantial, unauthorized capital drainages from his primary bank balances.
Inter-Agency Investigation Traces $97K across 80 Transactions
Financial crimes detectives, working alongside specialized digital asset forensic analysts from the FBI and the Ventura County Fraud Working Group, issued legal subpoenas to secure banking ledgers, IP login logs, and blockchain ledger histories.
The forensic accounting audit revealed that more than $97,000 had been methodically drained from the victim's accounts across more than 80 separate fraudulent transactions over a 15-month period. Investigators successfully traced the electronic flow of funds, discovering that the debited fiat currency was converted into digital assets and deposited directly into private bank accounts and cryptocurrency wallets owned and controlled by Ly.
"Ly befriended the victim and assisted the victim with optimizing his phone, including resetting the password for the victim’s Coinbase cryptocurrency exchange account," the Ventura County Sheriff's Office detailed in an official public statement prepared by Senior Deputy Andrew Van Gundy.
"The related records indicated more than $97,000 was stolen from the victim in more than 80 separate transactions which were deposited into accounts and cryptocurrency wallets belonging to Ly," Sheriff's officials confirmed in their official release.
Formal Criminal Charges and Appeal for Additional Victims
On August 4, 2026, financial crimes detectives contacted Ly and placed him under formal arrest. He was transported and booked into the Ventura County Pre-Trial Detention Facility in Ventura on three serious felony counts under California law:
- California Penal Code § 368(d)(1): Financial Elder Abuse
- California Penal Code § 487(a): Grand Theft
- California Penal Code § 530.5(a): Identity Theft
The law enforcement task force involved in the arrest, the Ventura County Fraud Working Group, represents a collaborative multi-agency coalition designed to combat financial exploitation through combined enforcement. The group brings together specialized investigators from the Ventura County Sheriff’s Office, FBI, Oxnard Police Department, Ventura Police Department, Ventura County District Attorney’s Office, Santa Barbara District Attorney’s Office, U.S. Secret Service, and Internal Revenue Service (IRS).
Because Ly frequently attended local community gatherings and offered technical assistance to seniors, investigators suspect there may be additional elderly individuals in Thousand Oaks, Simi Valley, or surrounding areas who suffered similar unauthorized account withdrawals.
Members of the public who believe they or an elderly family member may have been targeted by Ly, or who possess information regarding this ongoing investigation, are urged to contact Senior Deputy Andrew Van Gundy directly at (805) 494-8231 or via email at Andrew.VanGundy@venturacounty.gov. Anonymous tips can also be submitted to Ventura County Crime Stoppers by calling (800) 222-TIPS (8477). Additional details on regional crime alerts can be reviewed directly on the Ventura County Sheriff's Office official Nixle alert system.
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