A California man is accused of stealing roughly $100,000 in cryptocurrency from an 89-year-old man he befriended at a McDonald’s in Thousand Oaks, California. William Bao Khoa Ly, 26, pleaded not guilty to felony charges on Aug. 18 and is accused of using a “tech support” ruse for 14 months to gain the elderly man’s trust and access to his phone and bank accounts.
According to investigators with the Ventura County Sheriff’s Office, Ly, a Thousand Oaks resident, first struck up a conversation with the man during their chance encounters at the restaurant. Those casual conversations eventually turned into a friendship, with Ly becoming increasingly involved in the man’s day-to-day life.
The two eventually began meeting every other week. Ly allegedly offered to troubleshoot the man’s smartphone, manage his digital accounts and help him navigate mobile applications.
He allegedly carried out 91 unauthorized transactions
Investigators say it was during these tech support sessions that Ly used questions to gather additional personal information. He allegedly learned the victim’s passcode and smartphone PIN, giving him access to the device and, prosecutors say, the accounts connected to it.
Once Ly allegedly had the PIN, investigators say money began disappearing from the victim’s accounts. Rather than making one large transfer that might immediately raise suspicion, Ly is accused of making numerous smaller transactions over an extended period.
Between June 2024 and August 2025, investigators say Ly carried out 91 unauthorized financial transactions.
The money was allegedly moved through online platforms and eventually transferred into cryptocurrency wallets and bank accounts controlled by Ly. Investigators believe the transactions initially went undetected because they were made using the victim’s own device and from his local IP address.
According to the California Post, Ventura County deputies arrested Ly on Aug. 4 following a digital forensic investigation. He was booked into the East County Jail on felony charges including elder financial theft, grand theft and the fraudulent use of personal identifying information.
At his Aug. 18 arraignment, Ly pleaded not guilty to all charges.
Investigators were able to recover some of the money. After the bank’s internal fraud team became involved, more than $50,000 of the roughly $100,000 allegedly stolen was traced and frozen before being returned to the victim.
The case is another example of the risks older adults face as financial scams become increasingly sophisticated. The FBI’s Internet Crime Complaint Center has repeatedly warned about the scale of financial exploitation targeting seniors.
What makes cases like this particularly troubling is the alleged relationship between the suspect and victim. Rather than relying on a random phishing email or cold call, Ly is accused of gaining the man’s trust in person before allegedly using that access to obtain sensitive information.
Do not share your banking PINs
Law enforcement officials urge families to talk openly with older relatives about digital security. Passcodes, banking PINs and two-factor authentication codes should not be shared with other people, even when someone is offering to help with a phone, computer or online account.
Ly remains in custody pending his next court appearance, scheduled for Sept. 22, 2026. Prosecutors are expected to present additional evidence concerning the 91 alleged unauthorized transactions.
Published: Aug 28, 2026 11:35 am