Being a multi-sport official myself, I've noticed one thing about myself...
The first few baseball games of the year, I'm WAY WAY too lenient dealing with coaches. Still in the "football mentality" I suppose.
The first couple of football games of the year, I'm WAY WAY too quick on the trigger dealing with coaches. Still in the Baseball Mentality.
You, having football background, may have been too lenient (I'm not sure what the basketball atmosphere is like - I would think, from watching on TV, that it's more like baseball than football... but in baseball you don't have the option of a Technical Foul. Perhaps you were using the ejection as your 1st T and the forfeit as your 2nd.
I agree with the majority - too lenient on the ejection, but FAR to quick to forfeit. Like one poster said, if we're at the point of forfeit, we're probably at the point of this guy being fired.