Wow, Art. I got it. (just kidding, this stuff happens to me too)
Well, I cannot understand someone smart enough to save over $200,000 can be so dumb.
You know why this happens?? Greed. People are greedy. That 70 year old thought he could get more money. If he'd have common sense (well, he should be excused for Alzheimer's or some other disease that decreases thought function)
It's like a person that is wealthy gambling all of their money away, because they think they can make more money. Usually, they lose more than they gain, unless they are lucky.
I told my father NEVER to give money or personal info to ANYONE who contacts HIM first. Unless he knows for sure they're legit.
Best way to find out is to research.
I am happy to be paranoid, because I trust NO ONE.
But, those who take advantage of ignorant people in this manner should be drawn and quartered.