FAKE METAL CODICES WATCH: Thomas Verenna: The Inscription from Madaba, Lead Codices, and the Mona Lisa of Galilee. A good summary of the latest develoments.
Let's take stock. The Greek is lifted nonsensically from an inscription published in 1958. The forger couldn't tell the difference between the Greek letters alpha and lambda. The Hebrew script is taken from the same inscription. The Hebrew text is in "code," i.e., is gibberish. The "Jesus" face is taken from a well-known mosaic. The charioteer is taken from a fake coin. The crocodile has a suspicious resemblance to a plastic toy.
This forger was not Professor Moriarty. This forger was a careless bumbler. That makes it all the more galling how readily the media fell for the scam.
Background here and follow the links.
UPDATE (11 April): The "Hebrew" script may not be from the same inscription; Steve Caruso thinks its an unlikely mixture of different ancient scripts.