Department Of Labor Issues Corrected Press Release In D. Michael Costello Case

Wednesday, August 06, 2008

The Department of Labor has issued a corrected press release regarding a lawsuit filed against Costello Forensic Accounting, P.C.

According to the revised release, “D. Michael Costello was the president and a partner in the firm while Sharon Hamrick was a certified public accountant involved in the audit of SCT Yarns plans.”

Costello Forensic Accounting, P.C. (“CFA”), formerly known as Costello, Strain & Company, P.C., asked the U.S. Department of Labor to correct an error in the reporting of the settlement of a lawsuit with the firm.

The lawsuit concerned audits of SCT Yarns’ retirement plans. CFA settled the action in May by agreeing to pay $12,500 to the Pension Benefit Guaranty Corporation in order to avoid the expense of further litigation.

In a June 10 release provided to media by the Department of Labor, a factual error was made when D. Michael Costello, a principal with Costello Forensic Accounting, P.C., formerly know as Costello, Strain & Company, P.C., was named as one of the certified public accountants involved in the audits of the retirement plans at issue, it was stated. That statement was inaccurate.

Mr. Costello was not involved in the conduct of the audits at issue in the lawsuit. Further, as he was not involved in the audit practice of the firm, Mr. Costello never met the individuals involved in the audits on behalf of SCT Yarns, officials said.

Mr. Costello said, “I am very pleased that the Department of Labor has corrected the factual error in their report. My credibility is extremely important to me and I am grateful to know that the Department of Labor was willing to publicly make the change.”


Georgia Ranked Sixth Nationally For Job Growth

The U.S. Department of Labor’s Bureau of Labor Statistics (BLS) announced that  Georgia is ranked sixth nationally and third in the Southeast for top job growth. With the creation of over 79,300 new jobs in the past 12 months, Georgia represents a strong 2.0 percent annual growth rate, which is higher than the nation’s average of 1.8 percent. Georgia also had solid ... (click for more)

Tennessee's Unemployment Rate For August Increased To 7.4%

Tennessee Labor & Workforce Development Commissioner Burns Phillips announced the Tennessee preliminary unemployment rate for August was 7.4 percent, three tenths of one percentage point higher than the 7.1 July revised rate. The U.S. preliminary rate for August was 6.1 percent, down from 6.2 percent in July. Economic Summary • Over the past year, Tennessee's unemployment ... (click for more)

3 People Shot On Wilson Street; One Victim Has "Life-Threatening" Wounds

Three people were shot on Wilson Street on Sunday night, including one who was critically injured. At approximately 8:22 p.m., Chattanooga Police responded to 2300 Wilson St. for shots fired in the area. O fficers located two black males suffering from apparent gunshot wounds. O ne victim was transported by HCEMS to a local hospital for non-life threatening injuries. ... (click for more)

Jumoke Johnson Jr. To Plead Guilty On Selling Crack Cocaine

A youth who was in the news earlier as a teen who had been the first in his family to graduate from Brainerd High School and who found a patron willing to pay for his college education is set to plead guilty on Tuesday to a charge of selling crack cocaine. Jumoke Johnson Jr., who turned 21 on Saturday, dropped out of Miles College in Alabama after one semester and has been ... (click for more)

Conservation On Signal Mountain

The town of Signal Mountain appointed a working group to put together a conservation easement to protect certain of the town's park lands.  The members of the Conservation Easement Working Group would like to respond to concerns and comments raised about the town’s efforts to protect certain park land from residential or commercial development by granting a conservation ... (click for more)

Roy Exum: A Late Garden Walk

Due to a series of pressing events I didn’t get a chance to make my September walk through the garden until yesterday. It is normally my custom to take a stroll on the first day of each new month, looking for the orchids and onions that might appear, so I can award them to those among us who deserve one or the other. So before the temperatures drop, allow me to catch up: AN ORCHID ... (click for more)