Even if he used that as an excuse, it'd still be questionable why he never came clean until he was found out, in fact, keeping that a secret for so long could be seen as suspicious since it looks like he never planned to be "honest", and knowing Parker Luck, everyone would believe he's lying to save face.
I hope that Peter doesn't lose his patents, or somebody like Reed Richards, Tony Stark, T'Challa or another ally can buy them and keep them safe until he wants to use them again.