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I looked at their pages and when I click on links they have in the SERPS there are no links to their clients but when you click on the cache they are there.This is poorly done cloaking IMHO. If the industries are at all competitive, it's just a matter of time until a competitor notices the cache and the page don't match up and file a spam report.
If you're gonna share links with a cloaker, at least find a competent cloaker! :)