Lying cost him his job and significantly jeopardized his future. He had to start all over again. It was as though the time worked at his former company had never existed. Because he was fired for lying, he could not use his former company's name or anything he accomplished there. In addition, he had to account for that time to prospective employers.
Educational background is another detail some job seekers falsify.
The most common claims include graduating from a school more prestigious than the one you attended or claiming you have a degree you don't. Degrees are only important for a first job or the first job after entry-level. After that, what you have done is what counts. Don't misrepresent your education, because it does no good and may often be harmful. I know a job seeker who told an employer he had graduated from a top business school.