In my experience - yes it can work. Momentarily.
And it can "not work" just as fast.
Google has a myriad of very advanced ways to detect patterns in inbound link profiles.
When compared to link profile data from your competitors it is unlikely even a small percentage would have links from this many forum profiles.
So it is likely that you will, have, or would eventually trip a filter.
It's all about creating a very natural and diverse linking profile and staying within some reasonable parameters set forth by your competitors.
This doesn't mean get your competitor links, it means understand their links and link metrics, and build profile over time, and try to create your own version of it.