I am all for penalizing people for crimes. But, the punishment has to fit the crime. This is equivalent to getting the death sentence for jaywalking.
This is not criminal punishment...it's a judgment in a lawsuit...there is no criminal record attached to this stuff. He's lucky, because that would entail felony charges, and jail time to boot.
All he's gotta do is file bankruptcy, have his life suck for 7 years, and it's over. Not nearly the same thing as the death penalty.