Nouns

(n)fool, sap, saphead, muggins, tomfoola person who lacks good judgment
(n)chump, fool, gull, mark, patsy, sucker, soft touch, muga person who is gullible and easy to take advantage of
(n)jester, fool, motley foola professional clown employed to entertain a king or nobleman in the Middle Ages

Verbs

(v)fool, gull, befoolmake a fool or dupe of
(v)fritter, frivol away, dissipate, shoot, fritter away, fool, fool awayspend frivolously and unwisely“Fritter away one's inheritance”
(v)gull, dupe, slang, befool, cod, fool, put on, take in, put one over, put one acrossfool or hoax“The immigrant was duped because he trusted everyone”, “You can't fool me!”
(v)horse around, arse around, fool around, foolindulge in horseplay“Enough horsing around — let's get back to work!”, “The bored children were fooling about”