Meet the Equity Funding Insider Who Created Thousands of Fake Insurance Policies
Summary
Host Caleb Newquist interviews Alan Green, a former actuary at Equity Funding Corporation, about his role in the massive 1970s insurance fraud. Green details how he automated the creation of phony policies using early computer programming to meet unrealistic growth targets. He recounts the company’s drug-fueled culture, his eventual cooperation with investigators, and the subsequent indictments that exposed the billion-dollar scheme.
Topics discussed
Introduction and host health update
Guest intro: Alan Green and Equity Funding context
Alan's background and early days at Equity Funding
Company culture, parties, and drug use
The meeting with Art Lewis and the fraud reveal
Automating the creation of phony insurance policies
Leaving the company and the subsequent investigation
Cooperating with regulators and identifying fraud
Indictments, sentencing, and prison experience
Reflections on the broader corporate fraud scheme
Psychology of participation and lack of victims
Conclusion and final thoughts on the case
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