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Like others said, unless he has a trademark there really is nothing he can do. About 5 years ago I had some issues with Netsol. I ended up losing 5 domains (the expired) and I didn't realize that was about to happen (long story).
Anyway, three of them had nothing on them and were no big loss. The other two had about 5 years worth of TGP galleries and free sites on them. When I lost those I lost about 70% of my income. I contacted the new buyer and offered to buy them back, but he wouldn't take the money. I even told him that within a few weeks the people linking to those domains would be blacklisting once they saw them redirecting and the traffic would dry up pretty fast. He still turned me down. I went to a lawyer how basically told my I was screwed and there was nothing I could do.
A month later he came back and wanted to sell them back to me. By now all the traffic was gone and all the domains were blacklisted so they were useless and I turned him down. He should have just taken my 5K offer to buy them back and earned a quick $4930 profit off my domains.
Anyway, sorry for the long venting. I would see if the name you bought is trademarked and if not tell him to leave you alone or make you an offer.
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