It is very helpful that everyone is reporting scammers, but it is better if the Report Ad to Moderator link present in every ad is used first and foremost. This alerts me directly for the fastest response.
The account associated with the reported email address has been banned. That does not mean they will not try and continue to contact those they have already emailed so everyone should still be vigilant. If it is found they have created a new account and continue with their fraud attempts, please report it immediately.