I suspect he has already been reported and probably for the same incidence. He had a lot of people angry with his arrogance and using the star as his shield.
The .squelch only filters that player from you for that game session - you would have to .squelch him every time you log in and see him.
The .report (if said player gets enough of them) will mute him for [I think] eight days. If he appeals the mute and presents evidence to HTC, and they decide it was unjustified, the mute will be lifted.
I have never squelched anyone, and have only .reported a handful in the few years that I've been here...but then I haven't spent much time in the Late War arena until recently.