I'm glad the guy decided to tell his story. Most people are ashamed to admit that they fell victim to a hustler. They don't want to be seen as stupid, or get ridiculed by others.
About the same time (ten years ago) I went in for a job interview that turned out to be a hustle. They promised they were looking for programmers (really generic, like they didn't know what they were asking for).
When I showed up at the door I was sent into a conference room where a guy was giving a presentation on a new buy-in-application that was "guaranteed" to make money. Everything about the room made it uncomfortable to say no; there was one door with a guy standing in front of it smiling, they would hand out papers and not ask but pleasantly direct you to fill out your information.
I knew it was a scam, when I got up to leave in the middle of the presentation the guys running the show called me out; shaking their head in dismay and making comments as I left. Sort of a shaming ritual for me on my way out.
There were maybe thirty other people in the room, one guy left when I did but the rest stayed, out of that group I'm sure a few probably bought into it just because they were unemployed, down on their luck and willing to try anything.