By El Latino Newsroom
A Simi Valley man is facing multiple felony charges after allegedly stealing approximately $100,000 from an 89-year-old Thousand Oaks man whom he had befriended, according to authorities.
Ly is charged with felony counts of theft from an elder or dependent adult, grand theft and unauthorized use of personal identifying information.
The charges include aggravating factors alleging that the victim was particularly vulnerable, that the crimes involved planning, sophistication and professionalism, and that Ly took advantage of a position of trust.
Ly was arraigned Aug. 18, 2026, and pleaded not guilty to all charges.
Friendship Allegedly Gave Suspect Access to Financial Accounts
According to investigators, Ly met the victim in June 2024 at a McDonald’s restaurant in Thousand Oaks. Ly allegedly told the man that he was proficient with electronic devices and could help him with technology-related matters.
After developing a friendship with the victim, Ly allegedly began visiting him regularly, approximately two to three times a week. During those visits, investigators say Ly obtained the victim’s cellphone PIN.
Authorities allege that Ly then used the PIN to access the victim’s bank and cryptocurrency accounts.
From approximately June 2024 through August 2025, Ly allegedly conducted about 91 transactions transferring money from the victim’s bank account into cryptocurrency accounts that Ly owned or controlled.
The total alleged loss was approximately $100,000. Authorities said approximately $50,000 was recovered after the fraud was discovered.
The case highlights the risks older adults can face when another person gains access to their electronic devices, passwords, PINs or financial information.
“This case is a stark reminder that financial predators can use friendship and trust as a means to gain access to a person’s finances,” Chief Investigator Scott Whitney said.
Whitney encouraged families to exercise caution, particularly when dealing with vulnerable relatives, and urged people to be careful about who they allow to access their phones, passwords, PINs and financial accounts.
Authorities also said there may be additional victims who have not yet been identified.
Authorities Seek Information About Possible Additional Victims
The case is being prosecuted by Senior Deputy District Attorney Dominic Kardum, a member of the Ventura County District Attorney’s Office Elder Financial Fraud Unit.
The investigation was conducted by the Financial Crimes Unit of the Ventura County Sheriff’s Office East County Investigations Bureau, with assistance from the FBI through the Ventura County Multi-Agency Fraud Working Group.
The Fraud Working Group is a countywide collaborative effort focused on investigating and prosecuting fraud, recovering stolen assets and educating the public about fraud prevention.
The group includes members of the Ventura County Sheriff’s Office, FBI, Ventura County District Attorney’s Office, Oxnard Police Department, Ventura Police Department, U.S. Secret Service and Internal Revenue Service.
Authorities are asking anyone who believes they may have been a victim or who has information that could assist investigators to come forward.
Anyone with information is encouraged to contact Ventura County Sheriff’s Office Senior Deputy Andrew Van Gundy at (805) 494-8231.
Ly is scheduled to return to court for an early disposition conference Sept. 22, 2026, at 1:30 p.m. The hearing is scheduled to take place in courtroom 37 of the Ventura County Superior Court.
He remains out of custody on $50,000 bail.
The charges are allegations, and Ly is presumed innocent unless proven guilty in a court of law.
