No. All of the messages exchanged between your desktop and your mobile device are encrypted using a key only available to the connector software and your mobile device. This key is never transmitted over the public Internet or the wireless network and is never available to the Relay Server, or its hosting organization.
Any messages temporarily stored by the relay server are encrypted, just as they are encrypted during transmission over the public Internet. Additionally the Push Connector administrator can configure the system so, that no emails are sent to the Relay Server when the client is not connected.
In order to stop the service to deliver data to your mobile device, your user account needs to be blocked from the Push Connector immediately. The administrator can also remotely clear the mail and calendar data from the mobile device if it is still connected to the Relay Server.