Smiley aside, what does the time he has equipment have to do with morality. I don't really care if he made a profit or not. I don't care if he is a flipper trying to make a profit or not.
What is morally wrong is that he used multiple accounts, sometimes to bid against others for things he was selling in an attempt to raise the price. He would also use multiple accounts to talk up the product he was selling. This kind of action is morally inexcusable.
Lastly, I don't really care if anybody still buys from him. Now that he has been outed, it's anybody's choice. As I said in my original post, he hasn't totally cheated anybody yet, so you'll probably get what you buy. I hope that it remains true when the interest starts on his credit card and he gets more desperate to pay it off.