The Ventura County Sheriff’s Office announced that an 89-year-old retired resident of Thousand Oaks fell victim to a cryptocurrency scam, resulting in a loss of over $97,000. The suspect has recently been apprehended.
After months of investigation, the Ventura County Sheriff’s Office arrested 26-year-old William Ly from Simi Valley on the 4th of this month. He is facing charges related to financial elder abuse, grand theft, and identity theft.
According to investigators, William Ly met the victim through a mutual acquaintance at a local breakfast club for retired men in Simi Valley. They developed a friendship, and the suspect helped the elderly man optimize his smartphone settings, including resetting the password for the cryptocurrency exchange “Coinbase,” which was linked directly to the victim’s bank account.
This friendship lasted from June 2024 to September 2025, until the victim discovered that a substantial sum of money had disappeared. An investigation initiated in November last year revealed that the missing funds had been transferred out in the form of cryptocurrency through the victim’s Coinbase account.
Subsequently, the Financial Crimes Unit of the Sheriff’s Office collaborated with the Federal Bureau of Investigation and the Ventura County Anti-Fraud Task Force to obtain relevant financial records. Authorities allege that over $97,000 was transferred through more than 80 individual cryptocurrency transactions, ultimately ending up in William Ly’s account and cryptocurrency wallet.
Investigators believe that this elderly man may not be the only victim. The police urge other victims and individuals with information to promptly contact the Ventura County Sheriff’s Office at 805-494-8231.
If you have any information regarding this case, please come forward and assist in the investigation to bring justice to the victims and prevent further financial exploitation and scams in our community.