Shrink Rap: Why Otherwise Smart People Get Scammed

Money made through dishonest practices will not last long.
-- Chinese proverb

Dear Shrink Rap: How could this poor old man, Mr. Fazio, who Maria Bartiromo interviewed on CNBC, allow himself to be swindled out of $26 million over many years by his broker? He claimed he was keeping notes of his stock picks and involved in the trading. How is this possible?

I'd like to feel sorry for this unfortunate man, as his story sounds like a horror story. I mean, down to his last $1,800 and forced to sell his home? How pathetic is that after having $26 million? But how could anyone possibly watch this kind of money go down the drain year after year and not scream bloody murder? I don't get it. Your thoughts?
-- N.K. ...