California man charged in $100,000 cryptocurrency scam targeting elderly man

William Bao Khoa Ly, a 26-year-old resident of Simi Valley, has been charged with multiple felonies following an alleged cryptocurrency scam targeting an 89-year-old man. Prosecutors allege that Ly met the victim at a McDonald’s in Thousand Oaks in June 2024, where he offered his technical expertise to assist the elderly man with electronic devices.

According to the Ventura County District Attorney’s Office, Ly established a regular routine of visiting the victim two to three times per week. During these visits, Ly allegedly obtained the victim’s cell phone PIN, allowing him to access bank and cryptocurrency accounts. Prosecutors claim Ly executed approximately 91 transactions totaling nearly $100,000, transferring funds from the victim’s bank account into cryptocurrency accounts controlled by Ly.

The victim’s bank identified the fraudulent activity and successfully recovered more than $50,000. Ly faces felony counts of grand theft, unauthorized use of personal identifying information, and theft from an elder or dependent adult. He pleaded not guilty to all charges on August 18, 2026.