Snapchat, the uber popular smartphone messaging app, has settled with the FTC. The Los Angeles-based messaging service drew the ire of government officials due to the fact that its basic premise, that its users communications would "disappear forever" was found to be untrue.

Other private, user-sensitive informative was collected without the end users' knowledge or consent. That information includes location data and address book contacts that could potentially be used for nefarious purposes.

Federal Trade Commission Chairwoman Edith Ramirez issued a tersely worded statement warning Snapchat and its competitors against future privacy violations.

"If a company markets privacy and security as key selling points in pitching its service to consumers, it is critical that it keep those promises," Ramirez stated. "Any company that makes misrepresentations to consumers about its privacy and security practices risks F.T.C. action."

Terms of the settlement include no further attempts to misrepresent its service to consumers. Additionally, Snapchat needs to start up a privacy program that will, get this, require 20 years of oversight by a third party.

Snapchat was founded by Evan Spiegel and Bobby Murphy, boy genius frat brothers who graduated from Stanford University. Their company's lame followup to the FTC's report either means that they aren't as smart as they look or that they are just really bad at lying.

"While we were focused on building [the app], some things didn't get the attention they could have," the company said in a recently released statement.

Snapchat continued its ‘mea culpa' by attempting to reassure users that its app is now a bastion of privacy.

"Even before today's consent decree was announced, we had resolved most of those concerns over the past year by improving the wording of our privacy policy, app description, and in-app just-in-time notifications. And we continue to invest heavily in security and countermeasures to prevent abuse."

But then there's this juicy tidbit about the whereabouts of any sent messages.

"There may be ways to access messages while still in temporary storage on recipients' devices or, forensically, even after they are deleted. You should not use Snapchat to send messages if you want to be certain that the recipient cannot keep a copy."

Just remember kids: whatever you put on the internet is there forever.

Will you still continue to use Snapchat knowing that its basic premise is a bloated lie? Let us know in the comments section below.