It collapsed in scandal in 1973 after former employee Ronald Secrist and securities analyst Ray Dirks blew the whistle on massive accounting fraud, including a computer system dedicated exclusively to creating and maintaining fictitious insurance policies.
Investigation found that from 1964 onward, as many as 100 company employees had engaged in organized deception of investors, auditors, reinsurers and regulatory authorities.
By 1972, it was one of the ten largest life insurance companies in the United States, as well as the fastest growing one, with (claimed) assets of $500 million.
Sometimes they would claim the bogus policyholder died and then receive the death benefits from the reinsurance company.
The case has been termed historic in helping to define insider trading, as well as the treatment of whistleblowers, analysts and the press.