Seems like a lot of people don't really think too much before posting. This guy pulled it off, but does that mean the next guy will? You can say things like experience qualifies him for the license, but you have the tail wagging the dog. The license is supposed to ensure a level of expertise so this pilot would not be endangering the passengers in the first place. Now, after these years, what's that got to do with anything, since he's already flown? Well, think of the message you're sending. By severely punishing this fool, you'd send a message that it's not OK to fake licenses and fly planes, whether you think you're endangering people or not. That's for someone a bit more objective, with actual standards to apply.
I'd punish him severely for putting people's lives in danger for his own benefit. We're too close to ourselves to be accurate with self-assessments, and policies are put into place to protect others from this. When you jeopardize other people by choosing a less-safe route, you deserve severe punishment regardless of outcome. This slap on the wrist will not dissuade others from following the same path or similar one, and makes a mockery out of the airline industry.
Licenses don't make great airline pilots, but they do help keep the bad ones away from the controls, and ensure at least a level of competence considered safe. Circumventing that doesn't make people safer.