It was a scam from the start
I was well acquainted with people in my family who were around when it started. New York finance people. They said it was an outrageous scam.
I was well acquainted with the actuarial science behind it from when it started. It says that it was financially sound until the adjustments made it unsound. Actuaries invented and designed it-taking money that otherwise would be going to NY finance people to manage. Appeal to expert implies appealing to actual experts.