I also encountered this problem while trying to create an encrypted disk from within Disk Utility (for Time Machine backups). Disk Utility successfully converted the disk to the LVM format but when trying to mount the logical volume it always failed with a disk I/O error:
Oct 16 11:23:06 ... kernel[0]: CoreStorageGroup::completeIORequest - error 0xe00002ca detected for LVG "TMJ" (913D768B-XXXX-XXXX-XXXX-3AFD8E153C0E), pv 71CF0A54-XXX-XXX-XXX-B3AF2C654EF3, near LV byte offset = 0.
Oct 16 11:23:06 ... kernel[0]: disk3: I/O error.
First I thought the disk is simply damaged, but the I/O error only occurred when trying to format the disk with encryption - a normal HFS+ Journaled formatting succeeded fine.
So I tried a different (smaller) disk - and Disk Utility was successful in formatting that with encryption - everything worked fine.
So I tried the following: I opened both cases and swapped the drives. I then tried to format the disk that had made problems (the bigger) with the controller of the other disk (the smaller one) - and it worked fine: I was able to now also format the bigger disk in encrypted format using Disk Utility.
Don't ask my why but it seems that the controller in the bigger disk's original case is somehow incompatible with Mac OS's LVM mechanism...