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Unfortunately, when it comes to link exchanges, people are willing to be bad neighbors. They are willing to send you email after email, offering the same link exchanges, 3 way link swaps, and other seemingly legit link exchange offers.
Here are a few examples of bad link partners
There really is not any way to avoid this type of linking partner except for eliminating your link exchange programs all together.
The bad link partners are quickly making the basic link exchange a thing of the past. The return on the time spend finding and doing the link exchange has been reduced to zero.
Your time is better spent creating content for your website, writing articles for submission, participating in forums, and using creative linking services.