I'm experiencing a similar problem. What version of minepeon and cgminer are you using?
I'm using what HF shipped me:
- MinePeon Version: MinePeon 0.2.4.3
- Miner Version: cgminer3.9.0h2
Once I find some free time I will try a different USB cable, upgrading to 3.11 and reflashing the SD card to see if any of these options help.