I had a similar issue on two machines after we upgraded from VSE 8.8 to VSE 8.8 P1. The MFEVTPS services took over the machine. Even after a reboot. A even if we shut down VSE and rebooted. This did not happen on the 150 other servers we did the same evening.
Support was of little help. So we removed both VSE and the Management agent. Rebooted and the issue was gone. A few days later we reinstalled the MA with no issue. Followed a few days later by reinstalling VSE 8.8. p1 with no issues. Things are fine now.
No idea why the installing of Patch 1 via ePO would cause the issue.
mfevtps.exe component is loaded when the computer starts up and performs trust validation for all McAfee processes to load.
I installed Mcafee Profiller and put all high CPU usage processes in LOW risk process(VSE)
and my CPU usage was gone.
The root cause is confirmed to be an issue with CRYPT32.DLL that is being exposed by the McAfee utilization of cryptographic APIs, after updating to the CRYPT32.DLL version described in Microsoft KnowledgeBase article KB2607712: http://support.microsoft.com/kb/2607712.
Microsoft has a solution available for this issue. See: http://support.microsoft.com/kb/2641690.
McAfee also strongly advises you to install Patch 1 or later for VirusScan Enterprise 8.8