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"We get more out of life," blared Equity Funding's March advertisement in the glossy, must-reading-for-money-managers Institutional Investor magazine. Equity Funding did indeed get a lot out of life -- more than its share. It got a lot out of institutional investors, too. On April 5, Equity Funding Corp filed under Chapter 10 of the Bankruptcy Act, and no fewer than 100 banks and other institutions are stuck with some 2-million shares of its stock. In creating what could easily become the biggest swindle since the salad oil scandal a decade ago, Equity Funding is also accused of bilking dozens of insurance companies and thousands of policyholders out of millions of dollars. Perhaps the scandal would never have been revealed if Ronald H. Secrist, a discharged Equity Funding employee, had not searched out Raymond L. Dirks, a recognized expert in insurance stocks and a SVP at Delafield Childs Inc.