U.S. Attorney for the District of New Jersey David M. Satz Jr., charged De Angelis with contempt after he found De Angelis had funneled over $500,000 from Allied into his personal account at a Swiss bank. Amex was forced to make good on their warehouse contracts and took a massive loss. The two trading firms were eventually bought by larger players. De Angelis was sentenced to a seven-year jail term. In the wake of the scandal, keen observer and investor Warren Buffett took advantage of the plunge in the price of American Express shares and bought 5% of the company for only $20 Million.