Yes, this is true. You should log into LinkedIn do the following:
1) hover on your name from the top right of the page and choose “Settings”
2) Click the “Account” tab from the list of tabs (profile, email preferences, groups, account)
3) Click the “Manage Social Advertising” selection under Privacy Controls and uncheck the box.
4) Click the “Turn on/off enhanced advertising” and uncheck the box.
This way you won’t get the advertising, and they can’t use your name and photo in any advertising.
via Connection Agent