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I've studied TNE history in detail for several years now. It was a sophomore society for pranksters that offered a little fun and a little camaraderie. Nothing more.
Realize that one of the stated missions of TNE was to create mischief and mystery purely for the sake of mischief and mystery, so pretty much everything you read about them is designed to make them look more interesting than they really are.
Aside from several lines of illegitimate stepchildren, the Theta Nu Epsilon Society of 1870 is defunct. What you see now on the web is, as Erik put it, "just a money maker's attempt at capitalizing on fraternalism and intrigue".
wptw
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