Well the way I see it, he seems to be sincere about his predicament, and thats all you can ask from someone in his position...
Then on the other hand, sincerity isn't something this forum hasn't seen before, so it isn't anything out of the ordinary.
However, he seems willing to pay the theoretical $50 for his right to play on the server (according to our rules and decorum), which is more than most people would deal with for any other server...
The way I see it, he should front the $50 to play again, and see where this goes from there. If he screws around again, boot him out... for good. He'll be gone, and Voog with have his $50. (As Voog has said though, this shouldn't evolve into some expected course of action, a "Get out of ban for $50 card" if you will)
If he stays trouble free for a while (I dunno, month and a half? 3 months?), maybe you could even give his $50 back... seeing as he was having a moment of stupidity. (I've learned from many in the past years myself -_-) I'd be hard pressed to pay $50 to be able to play on any other server, but these servers and its community is worth it in my eyes.