An 89-year-old retiree was swindled out of more than than $97,000 in a crypto theft scheme, cops said.
William Ly, 26, of Simi Valley was arrested Aug. 4 on suspicion of financial elder abuse, grand theft and identity theft following a months-long investigation by the Ventura County Sheriff’s Office.
The alleged scheme began after Ly met the elderly victim through a mutual acquaintance at a local breakfast club for retired men, according to investigators.
The pair became friends, and Ly eventually helped the senior citizen with his cellphone, including resetting the password to his Coinbase cryptocurrency account, authorities said.
That account was connected directly to the victim’s bank account.
Investigators said the relationship continued from June 2024 until September 2025, when the victim discovered that a substantial amount of his money had vanished.
The sheriff’s Financial Crimes Unit, working with the FBI and Ventura County Fraud Working Group, then traced the missing cash through financial records.
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