Even if it was remotely "cybersquatting" it wouldn't apply to an affiliate program. That traffic is going to the proprietors site with the exception of the referral code, if the program owner doesn't want his sites promoted in a certain manner it is his responsibility to put it in the terms of service. That's the sole purpose of a TOS.
I can't believe some of you are that fucking retarded.
The term cybersquatting in general applies when someone is using a companies trademark or domain name
AGAINST them. The only possible way what he did was wrong is if it was specifically in the terms of service, anyone who thinks or says otherwise doesn't know their head from their ass.