Crystallographer faked data
the-scientist.com
the-scientist.com
My assessment of the situation is that the prof is extremely capable, but the pressures of being a tenure-track assistant professor, probably combined with the arrogance of thinking he could get away with faking data, made it too tempting.
I think he will certainly end up shut out of academia, but at the same time I don't think you'll hear about it, because too many people stand to lose face if it is publicized. I think this is probably the most common outcome of "scientific misconduct" when it is actually caught and punished.
Is there any way he can use his expertise outside of starting his own company that somehow monetizes it?
Would he be accepted as a high-school teacher?
Newton appears to have faked experimental data in the optical research he published, in that he interpolated experimental results to accuracies he could not possibly have measured. Academic standards were a little different in those days.