VENTURA, Calif. — A 26-year-old Simi Valley man is facing multiple felony fraud counts after allegedly using a fake friendship and technical support offer to siphon nearly $100,000 from an elderly Thousand Oaks resident into personal cryptocurrency accounts, public safety officials announced Tuesday.
The formal court filings were announced by Ventura County District Attorney Erik Nasarenko following an extensive financial inquiry conducted by local, state, and federal law enforcement agencies.
The defendant, identified as William Bao Khoa Ly (born February 6, 2000), was formally arraigned in Ventura County Superior Court on August 18, 2026, where he entered a plea of not guilty to all pending felony charges.
Alleged Fast-Food Meeting and Tech Support Pretext
According to court documents and investigative briefings released by the District Attorney's Office, the financial exploitation scheme began in June 2024 when Ly first met the 89-year-old male victim inside a McDonald’s restaurant in Thousand Oaks.
Ly gained the victim's confidence by offering to help him navigate electronic devices, smart devices, and personal technology. After establishing a warm personal rapport, Ly began visiting the senior citizen's residence two to three times a week under the pretense of providing ongoing technical assistance and social companionship.
During those home visits, investigators allege Ly surreptitiously obtained the victim’s cell phone personal identification number (PIN).
Using the compromised PIN, Ly accessed the victim's personal online banking applications and established digital pathways to unauthorized cryptocurrency trading accounts under his own control.
Between June 2024 and August 2025, Ly allegedly executed approximately 91 separate unauthorized financial transactions, routing funds directly out of the victim's bank account and converting the cash into cryptocurrency holdings.
The total financial loss reached approximately $100,000. Following the discovery of the fraudulent activity, the victim's financial institution successfully recovered over $50,000 of the stolen assets.
Specific Penal Code Charges and Special Aggravating Allegations
The District Attorney's Office Elder Financial Fraud Unit charged Ly with three specific felony counts under the California Penal Code:
- Penal Code 368(d): Theft from an Elder or Dependent Adult
- Penal Code 487(a): Grand Theft
- Penal Code 530.5(a): Unauthorized Use of Personal Identifying Information
Additionally, prosecutors filed three special aggravating sentencing factors under the California Rules of Court (CRC):
- CRC 4.421(a)(3): The victim was particularly vulnerable.
- CRC 4.421(a)(8): The manner in which the crime was executed indicates planning, sophistication, and professionalism.
- CRC 4.421(a)(11): The defendant took advantage of a position of trust or confidence.
"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," said District Attorney Chief Investigator Scott Whitney. "We encourage everyone, especially those with vulnerable family members, to be cautious about who they allow access to their phones, passwords, PINs and financial accounts."
Multi-Agency Fraud Investigation, Safeguarding Seniors, and Potential Additional Victims
The complex financial investigation was spearheaded by the Ventura County Sheriff’s Office East County Investigations Bureau Financial Crimes Unit alongside Senior Deputy Andrew Van Gundy.
The team received direct technical assistance from the Federal Bureau of Investigation (FBI) through the Ventura County Multi-Agency Fraud Working Group—a collaborative task force comprising the Sheriff's Office, FBI, DA's Office, Oxnard Police Department, Ventura Police Department, U.S. Secret Service, and the Internal Revenue Service (IRS).
Elder financial exploitation remains a major concern across Ventura County, as tech-savvy bad actors frequently target senior citizens who may be less familiar with digital banking security, multi-factor authentication, and cryptocurrency transfers. Law enforcement agencies emphasize that family members and caregivers should routinely monitor bank statements, check for unexpected app downloads on older relatives' smartphones, and establish strict privacy boundaries around personal identification numbers and online banking credentials.
The criminal prosecution (Case No. 2026020396 / Court No. 26CF100090) is led by Senior Deputy District Attorney Dominic Kardum, a dedicated prosecutor in the Elder Financial Fraud Unit.
Because elder financial predators frequently target multiple senior citizens across local communities, investigators suspect additional unidentified victims may exist throughout Ventura County.
Members of the public who suspect they or a family member may have been victimized by William Bao Khoa Ly are urged to contact Senior Deputy Andrew Van Gundy at (805) 494-8231.
Media inquiries can be directed to Communications Manager Joey Buttitta at (805) 767-3400 or via email at Joey.Buttitta@venturacounty.gov. Official court notices are available on the Ventura County District Attorney's Office newsroom.
Ly remains out of custody after posting $50,000 bail. He is scheduled to return to Ventura County Superior Court on September 22, 2026, at 1:30 p.m. in Courtroom 37 for an Early Disposition Conference.