OK, I encountered another nefarious post and wanted to include this snippet of source code from the Admin Bar view to show that the spam link is being embedded in the form code. Note “michaelkorsoutlet4you.com” link near the end.:
<input class="spSubmit" name="a2-92737" value="Delete
this Post" onclick="javascript: if(confirm('Are you sure you want to delete this Post?')) {spabModeratePost('', 'http://tripawds.com/index.php?sp_ahah=moderation&sfnonce=7bbaaaa6da&pid=92737&tid=3959&fid=6&action=2&canremove=1', '1', '92737', '6', '3959', '1', '2', 'http://tripawds.com/index.php?sp_ahah=autoupdate&sfnonce=7bbaaaa6da');}" type="button"><div id="sfqform3959" class="spInlineSection"><form action="http://tripawds.com/forums/" method="post" name="addpost3959" onsubmit="return spabSaveQuickReply(this, 'http://tripawds.com/index.php?sp_ahah=quickreply&sfnonce=7bbaaaa6da&tid=3959&fid=6', 'http://tripawds.com/index.php?sp_ahah=moderation&sfnonce=7bbaaaa6da&pid=92737&tid=3959&fid=6&action=0&canremove=1', '92737', '6', '3959', '1', '0', 'http://tripawds.com/index.php?sp_ahah=autoupdate&sfnonce=7bbaaaa6da')"><textarea tabindex="1" class="spControl" name="postitem3959" id="postitem3959" cols="60" rows="8"></textarea><br><input tabindex="2" class="spSubmit" id="sfsave3959" name="newpost3959" value="Save New Post" type="submit"></form><br></div></a></div></div></div></div><a href="http://michaelkorsoutlet4you.com/" target="_blank">
</a></div><div class="spClear"></div>
In this particular case, the post was loaded with links and the last item in the post was a link, but reviewing the HTML confirmed the ling tag was closed with </a>.
[scratches head]
Also, clicking either Cancel or OK on the confirm deletion pop-up will redirect to the link.