Yes, there is. You hover over a user's profile picture, and you will find the "Ignore" button. When you click ignore, you can have a certain user's posts be hidden away and you won't have to read them.
And believe me, I know who you are talking about. And don't worry. They have been given a warning for spamming. Hopefully this will be the time they get the message and realize their schtick has gotten old and tired.