Don't know if exercise can do it, but there is some empircal evidence suggesting that diet can selectively effect where fat is lost:
"The greater reduction in trunk fat was not merely due to the greater total fat loss, because the ratio of trunk fat/total fat was also significantly reduced during the VLCK diet in men and women" (Volek et. al, 2004).
Note that this was a true experiment (that is, diet was manipulated, not just measured) using a cross-over design (each participant experienced both diets, in randomized order, of course). The study compared isocaloric (and at a deficit) diets, one being a very low-carbohydrate ketogenic diet and the other low-fat. They measured weight loss, body composition, and trunk fat mass (via DEXA), among other things. Participants were overweight/obese men and women (mean BMI for the mean was about 34 and the women 29).
Thus while arguments of "focused" fat loss should be considered with skepticism, there is decent evidence that we should wait to see the data instead of dismissing the claims out-of-hand.
Of course the odds of the folks at a globo-box making their claims based on systematic empiricism.....
SW = 280, PSW = 245, CW = 228, UGW = 194
6'2" Male, Late 40's