Sure. It is a major cause of chargebacks.
Say you own
www.sponsorprogram.com that is a teen site.
You have an affiliate that is promoting you via
www.hissite.com Everything looks nice on his site, and he makes a lot of signups, but gets an inordinate number of chargebacks, or trials that never convert.
It could be that said affiliate also owns
www.launderingsite.com and on that site they are targeting pedos by saying things like, "go to
www.hissite.com, and click the link to
www.sponsorprogram.com where you will find all the KP content. Once you are a member you will find what you desire on page 10."
That is just one example, I am sure you can build your own scenarios from there.
The point is that
www.sponsorprogram.com does not have what is being promised to the surfer, but the owner doesn't have any way of knowing this because
www.launderingsite.com is not linked to him, and there is nothing on
www.hissite.com to tip them off that there might be a problem.
Another scenario might be that on
www.launderingsite.com they are telling the surfer to go to
www.hissite.com and sign up to
www.sponsorprogram.com but be sure to cancel the trial right away, and they can get access to
www.sponsorprogram.com and 10 other sites for free.