Sleep Apnea Treatment

My doctor, who’s new because I moved, referred me to a “sleep specialist” because I told him I snored heavily, am often tired during the day, and am overweight. The sleep specialist, after having me sleep with a bunch of wires strapped to me for a night, diagnosed me with “obstructive sleep apnea”, and is telling me I need a breathing machine for when I sleep at night as treatment. Also, he’s told me all sorts of stuff about health risks from the apnea: I’ll get to being fatigued to the point of narcolepsy, I’m at even more risk for an early heart attack, even though I’ve started going to the gym I won’t be able to lose weight, etc.
Now, what I want to know is, are there really health risks from sleep apnea, and is it a real problem, or is it just some sort of medical fad or scam?