Some advertisers prohibit trademark bidding as a whole (or using the trademark in certain ways, or whatever), but allow their exclusive partners to use trademarks. I've gotten that privilege from a few large advertisers on CJ due to my history with them.
For future reference here are some tips to make it safer (not safe) to bid on branded terms.
1. Don't advertise from 9am-5pm
2. Exclude the City/State where company is located.
3. Filter IP range/Host of company on landing page, redirect to actual company site.
That's not going to help for a number of reasons.
1. Most companies still have their ad agencies check outside of business hours or use services like AdGooroo & Brandverity for violators.
2. Companies often outsource to agencies. Your blacklist will be huge & will include some of the largest states (CJ has offices in NY, CA, MA).
3. Filtering IP ranges of the company itself isn't going to help much.
I used to work for an agency that managed a number of programs on CJ when I was in college. My agency didn't have their own IP range, and had offices in two states. On top of that, I worked remotely from yet a third state - and due to my college schedule, often did trademark checks at 3am.
Lastly, Google will show ads from other regions if you add "&gr=US-NY" to the end of the search query (for example, that would show ads for NY). My trademark checks always included a number of states.
...then again, most people aren't as thorough on the checks as I was. Whatever you do, don't violate the terms twice. I've caught affiliates who violated & gave them a second chance - after that, they began day-parting, geotargeting, and they copied the merchant's official text. I let them run the rest of the month, terminated their affiliation, and reversed an entire month's worth of commissions. If someone was going to fuck with me, I'd fuck with them right back.
You probably don't have to worry about being kicked out of CJ - I've had a number of affiliates kicked out of programs that I worked on for trademark violations, and they're still going strong & violating terms for a half dozen other CJ programs without getting caught. It's the luck of the draw when it comes to which advertisers monitor for violations & which don't.