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Has anyone else run into similar concerns with sharing conversion data with google?
Something to bear in mind is that the Google conversion tracker doesn't pick up every conversion. I think it only tracks conversions that occur on Google, and some partner sites. In my experience the google conversion tracker picks up 1 in 3 conversions from adwords.
More info is available at adwords support, e.g.:
If they are stupid enough to use this data and this goes public they have a major problem on their hands.