It's hard not to feel sorry for this guy, but similar stories come up every now and then like this. If you are going to do self custody you need to remember the rules. Don't get complacent, stay a little paranoid.

I could see however for people who have a 401K or superannuation, this might be an ok "hedge" to have someone custody it for you since you can't access it till retirement anyway.

For the boomers or people that know deep down that they're forgetful or generally don't trust themselves, I guess they will need to find a trustworthy custodian.