i have seen just exactly that happen... a CF member posted details about it happening to him.
In such circumstances, it might be wiser to play moves which lead to a quicker loss, in the hope that the banned cheat hasn't accounted for those in his conditional moves
In Daily Chess, is it possible to lose a game to an account that has already been closed for cheating? Imagine this: you're playing a cheater and you're losing. Just before you lose, they get banned and now you're happy. Then you play your next move and expect to win on time in a few days. But wait! They put in a bunch of conditional moves that you trigger whenever you play. Can you actually lose to closed account this way? I know that closed accounts don't automatically lose all of their games in progress; they actually have to time out. Does anyone know?