Why does ebay allow a seller who repeatedly does not deliver auction items won, to remain on ebay?

[amg_buyer]

I was one of several victims of a seller who were defrauded by an unscrupulous seller who auctioned expensive camera gear and then, days after the close of the auction, put winning bidders "on hold" with promised future delivery dates, only to never deliver the auction item won. Sure we eventually got a refund, but not until we lost the opportunity to use our money to purchase from other sellers.

My question is - why is ebay allowing this scoundrel to remain a member of the ebay community? And apparently without any punitive action!

[lady_madonna]

@amg_buyer 

If that particular seller's buyers who never received their items filed a Refund Request due to Item Not Received, the seller gets defects assessed on their selling account from Ebay. Too many defects and the seller will face restrictions on their account.