An 89-year-old California man thought a new friend was helping him with his phone and other technology. Prosecutors say that relationship instead gave the younger man access to financial accounts that were eventually drained of nearly $100,000.
William Bao Khoa Ly, 26, of Simi Valley, met the Thousand Oaks resident in June 2024 and offered to help him with electronic devices, according to the Ventura County District Attorney’s Office.
Ly began visiting the man two or three times a week. Prosecutors say he eventually obtained the victim’s cellphone PIN and used that access to reach both his bank and cryptocurrency accounts.
Over the following 14 months, authorities allege 91 transactions moved nearly $100,000 from the man’s bank account into cryptocurrency accounts owned or controlled by Ly. The victim’s bank later recovered more than $50,000.
The Friendship Gave Him Access to the Victim’s Phone
The District Attorney’s Office says Ly presented himself as someone who was proficient with technology and could help the older man with his devices.
As the relationship developed, he became a frequent visitor to the victim’s home. Prosecutors allege those visits eventually gave Ly access to the PIN used to unlock the man’s cellphone.
Earlier reporting from the Ventura County Sheriff’s Office said Ly also helped reset the password to the man’s Coinbase cryptocurrency account, which was linked directly to his bank account, according to KTLA.
Prosecutors Counted 91 Transactions Over 14 Months
From June 2024 through August 2025, prosecutors allege Ly conducted 91 separate transfers involving the victim’s money. The funds moved from the bank account into cryptocurrency accounts that authorities say Ly owned or controlled.
An earlier Sheriff’s Office investigation described more than $97,000 moving through more than 80 transactions. The newer charging announcement provides the updated count of 91 transactions and describes the total as nearly $100,000.
The Bank Recovered More Than Half of the Money
The Ventura County Sheriff’s Office began investigating after the suspected theft was reported in November 2025. Financial crimes detectives worked with the FBI and the Ventura County Fraud Working Group to obtain records tracing the transfers into accounts and cryptocurrency wallets investigators associated with Ly. Prosecutors say the victim’s bank ultimately recovered more than $50,000.
Ly Pleaded Not Guilty to Three Felony Charges
Ly is charged with felony theft from an elder or dependent adult, grand theft and unauthorized use of personal identifying information.
Prosecutors also filed aggravating factors alleging that the victim was particularly vulnerable, that the offenses involved planning, sophistication or professionalism, and that Ly took advantage of a position of trust.
Ly pleaded not guilty to all counts at his Aug. 18 arraignment. He remains out of custody on $50,000 bail and is scheduled for an early disposition conference in Ventura County Superior Court on Sept. 22. The allegations against him have not been proven in court.
Investigators Believe There Could Be Additional Victims
Authorities say the investigation may extend beyond the 89-year-old man. The Ventura County Sheriff’s Office is asking anyone who believes they had a similar experience involving Ly, or who has information that could assist investigators, to contact Senior Deputy Andrew Van Gundy at 805-494-8231.
Someone Helping With a Phone Should Not Need Unrestricted Access to Financial Accounts
The FBI advises older adults not to provide banking or personal information to people they cannot independently verify. Families should also watch for unexplained withdrawals, changes in financial behavior or a new person gaining unusual influence over someone’s finances.
When another person needs to troubleshoot a phone, the account owner can unlock the device themselves and remain present rather than giving away the PIN. Banking and cryptocurrency apps should be closed before the device is handed over, and passwords or verification codes should not be shared.
Two-factor authentication can add another barrier if someone obtains a password. The Federal Trade Commission warns that verification codes function as an additional security key and should never be given to another person who wants access to an account. After someone else has had access to a phone containing financial apps, review recent logins and transactions, change any credentials that may have been exposed and contact the financial institution immediately about activity that is not recognized.
Cryptocurrency theft should be reported quickly as well. The FBI recommends providing wallet addresses, transaction amounts, dates and transaction IDs when filing a complaint through its Internet Crime Complaint Center, because those details can help investigators trace where digital assets moved.