CEP: Under SEC investigation

June 1, 2007

That is right, another payment processor hit by the SEC. This is an update about them:

Hello, Everyone!
The last few weeks have been challenging here at CEP, as we were advised to keep certain information from the public. As most of you are aware, this is against our usual character, as we constantly strive to be quite transparent with our members. We have finally been given permission to explain what is happening here at CEP.
We had been given some mis-information regarding the proper registration of ColonEndParenthesis as an investment company several months ago. This, followed by the large growth we had in the last few months, triggered an informal investigation by the United States Securities and Exchange Commission. We have been working with them and have been providing all information requested so that we can get through this ordeal as quickly as possible, but our attorney has told us that it will be at least several weeks before we have any answers. We recognize that several weeks is a long time, and we apologize for the inconvenience. We do not know what the end result will be for ColonEndParenthesis, though we are actively seeking to be properly registered and set up with the SEC so that we can continue to provide our services to members who live in the United States. We will likely have to restructure much of the way the program works if it is to continue to provide services within the United States. We have been advised by our attorney to avoid making any transactions in or out until a decision has been made, and this includes pending payouts and compounds. Thus, the only activity that can happen within CEP at this time is error fixing.
We realize that this may come as a surprise to many of you just as it did us when we received the first mailed notification that ColonEndParenthesis was under an informal investigation by the SEC. Please be assured that we are continually thinking of ways to ensure that everyone is protected here, though it is unlikely that we will be allowed to implement any of those ideas until decisions have been made. We will do everything we can to protect our members, as we have always done in the past. The protection and safety of all of our members has always been our top priority, and that will not change during this time. CEP was put together to help people and to keep people safe in an industry where many get hurt. We have accomplished this goal for longer than any other business in this industry, and we will continue to do so in the future.
We have been notified that some members may receive phone calls from the SEC asking questions. It is totally your choice as to whether or not you want to answer their questions, but we would encourage you to truthfully answer any questions you are able to answer as it would likely aid the SEC in their investigation of ColonEndParenthesis. We know that we have not hurt any of our members throughout the last year and a half, and we would appreciate it if our members would cooperate with the SEC so that they may also know how well we have treated all of our members. We will continue to keep you informed as we are able to do so. Thank you very much for your continued support and prayers. We look forward to the resolution of this in the future. Take care until next time, thanks again so much for your patience!
Trevor

Posted in Payment Processor