Personally, I hope the guy gets off Scott free.
Let's see, he has already lost an uninsured aeroplane, made a fool of himself, as judged by his "peers" and will, in all likelihood, never commit the offence again. No doubt he has also learned the lesson, "don't verbal yourself", or in plain English, don't become a victim of your own big mouth.
Making an example of him will be no deterrent to anyone else either. We all do or have done stupid stuff at sometime.
And, no, I don't know him at all.