A man in his 20s from Simi Valley, California, allegedly used a friendship he had built at a local fast-food restaurant to extort a large sum of money in cryptocurrency from an elderly man.

According to the Ventura County District Attorney’s Office, William Bao Khoa Ly, 26, met the 89-year-old victim in June 2024 at a McDonald’s in Thousand Oaks, California. The two initially started talking after the suspect offered the victim assistance with his electronic device.

Ly told the victim that he was proficient with electronic devices and was willing to help him with technology. Using that excuse, he met with him several times over the course of one year.

“After befriending the victim, Ly began visiting him regularly, approximately two to three times a week. During those visits, Ly allegedly obtained the victim’s cell phone PIN and used it to access the victim’s bank and cryptocurrency accounts.”

“From approximately June 2024 through August 2025, Ly allegedly conducted approximately 91 transactions transferring money from the victim’s bank account into cryptocurrency accounts that Ly owned or controlled. The total loss was approximately $100,000. The victim’s bank was able to recover more than $50,000 once the fraud was detected,” the DA’s office said in a press release.

Ly faces several charges, including “felony counts of theft from an elder or dependent adult, grand theft, and unauthorized use of personal identifying information.”

Authorities say Ly used the victim’s vulnerability to exploit him and that several factors indicate that he planned the entire theft.

“The charges include aggravating factors that the victim was particularly vulnerable, that the manner in which the crimes were carried out indicates planning, sophistication, and professionalism, and that Ly took advantage of a position of trust.”

Authorities suspect there may be additional victims who have not yet come forward. Investigators are encouraging anyone with relevant information or who believes they may have been targeted to contact Senior Deputy Andrew Van Gundy at the Ventura County Sheriff’s Office.

Following his arrest on August 14, Ly was released from custody roughly 14 hours later after posting $50,000 bail. He was arraigned on August 18, 2026, and pleaded not guilty to all charges. He is scheduled to appear before court again on September 22 in Ventura County Superior Court.

Chief Investigator Scott Whitney highlighted the case as a warning. He urged the public to practise extreme caution when sharing sensitive financial information with anyone.

“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,” he said in a statement. “We encourage everyone, especially those with vulnerable family members, to be cautious about who they allow access to their phones, passwords, PINs and financial accounts.”

Disclaimer: The Inquisitr could not independently confirm the facts of this incident and is reporting based on the information available within the public record.