If you do report it, and they shut the user's account down, IF the story is genuine it's going to make things a lot harder for him and damn frustrating.
I've had it done to me, I don't have the blokes address, couldn't find it for the life of me on E-Bay after the 'auction won' bit. The E-Mail address I was using for E-Bay went down, so I couldn't get access, and I'm in limbo now. Can't get into my account to change the address, can't get access to any details, nothing.
I've e-mailed him loads of times for it with no reply, and my account's now blocked, and nothing I can do will unblock the sodding thing