I wonder if it is worth going jail over 2 million bucks. He is already 48 y.o. and I can't see him getting out before 60, or maybe even more. The chances are he is going to die in prison.
According to what I found in German law, the maximum penalty is 10 years, but somehow I don't believe that he will get more than 5, and maybe even less if he manages to settle and return most of the money. Some countries may have harsher penalties, but it seems to me that the penalties for such acts are simply too lenient, and $2 million is not a small amount of money, whether it is the US or the EU, many would risk a few years in prison for that amount.
(1) Whosoever with the intent of obtaining for himself or a third person an unlawful material benefit damages the property of another by causing or maintaining an error by pretending false facts or by distorting or suppressing true facts shall be liable to imprisonment not exceeding five years or a fine. In especially serious cases the penalty shall be imprisonment from six months to ten years.