"What he did might not have been illegal, but considering the many hours of game time it takes for a play to amass a reasonable amount of gold it was certainly unethical."
Let me translate. "Wah! His fictional character stole fictional money from my fictional character in this fictional environment!" If any action taken in a GAME affects your REAL life to any significant degree, then you have a serious problem.
"If he's prepared to rip people off in the virtual world he'd certainly not balk at ripping my company off in reality."
Oh, you're right! I mean, it's not like we were doing this at least 17 years ago in such games as Solar Realms Elite (and later, Barren Realms Elite), Trade Wars 2002, or Operation Overkill II. Man, I hope he never played Mortal Kombat. If he dead, then "he'd certainly not balk at ripping my" body to shreds. After all, if he did it in a fictional environment, he'll most certainly do it in real life if given the opportunity.
As for his comment "I'm not proud of it at all, that's why I didn't brag about it. But you know, if I had to do it again, I probably would've chosen the same path based on the same situation.", at least he's honest about it (and also takes responsibility for it). That puts him above 99.999% of the population.