When most of these people placed their bids the guy had great feedback, greater than 99%. He just screwed them all at once. Ebay found out about this on a Friday, but didn't tell the other bidders about it until the next monday. That's a lot of payments that went through in that time that could have been cashed. Also, a lot of people trusted him because he was an Ebay 'Power Seller'. Ass.
ETA: It was also odd that in one week he put 500 times more up for auction than any previous month before. I've been told that Ebay keeps an eye on that, but I haven't seen any concrete proof.

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