It looks like this issue has been known for at least a year....has it been fixed?

Security Advisory: Palm OS Centro System Lockout Bypass Vulnerability - security vulnerabilities database

The Palm Centro has a flaw in the security feature. While I was day dreaming
about Holly Bortolazzo, I discovered its possible to bypass my Palm Centro
system lockout without
knowing the password.

When Palm Cento is in the lockout mode the user has 2 options. The user can
enter their password to gain access to the phone or they can select "make
emergency call". If the user selects "make emergency call" they're only
allowed to call 911 or *2. If the phone is locked out a malicious user can
select "make emergency call" then dial *2. While the phone is dialing *2 the
malicious user can quickly press the phone button on the keyboard of the
Centro which allows the malicious user to view the phone menu. This bypasses
the sytem lockout feature. The malicious user can then press the Apps.
button on the keyboard of the phone to gain access to the main menu (they
can hang up the phone call to *2 by pressing the end button), thus allows
access to everything on the phone(texting, photos, videos, contacts etc...).
Theres only 2 options that are not accessible 1. making phones calls 2.
accessing the security option. Selecting those options will bring you back
to the lockout screen. This flaw has been tested on several Palm Centro
phones. Palm hasn't fixed a similar problem with the Treo after being
notified by Symantec a year ago. If I hadn't been thinking about Holly
Bortolazzo I wouldn't have found this flaw...