I find it hard to understand how a share registry company can...

I find it hard to understand how a share registry company can accept a payment for shares. Hang on to the money for a month and then decide that it does not want to issue the shares in any case.
If a cheque has been cashed does this not constitute an acceptance of the payment?
If they did not intend to issue shares they should have simply returned the cheque uncashed.
Does anyone have any thoughts on this and has it happened to others in the past??
I can accept that in some offers a part issue is made and consider this acceptable where someone send a cheque and applies for a certain amount of shares and receives a scaled back number but to me OKLO in cashing cheques and not issuing any shares seems a blatant abuse by cashing my and others cheques with no intention of ever issuing any shares and using the money in a short term fund for a month at my expense.
Has anyone rang up the registry and abused them??