It's not fake - I was still on that server when it happened about a month and a half ago (Altar of Storms). There was a huge drama thread about it on the AoS forums since it led to him bragging about his gold cap n all that.
One guild bought most of it; he outfitted all of <Symbolic Logic> with ICC craftables and shadows edges the first week. Lol. Not to mention destroyed the market for saronite/bikes. I bought a few saronite from him as well.
edit: here's one of the threads - 80% of the posts were deleted/flagged i think lol
http://forums.worldofwarcraft.com/thread.html?topicId=22049524212&postId=220463296887&sid=1#3