Former Hennessey CFO arrested for alleged embezzlement of $1.1 million
Former Hennessey’s Chief Financial Officer James Cram was arrested last week by Redondo Beach Police Department detectives for allegedly embezzling $1.1 million from the local restaurant chain. Police arrived at Cram’s Rancho Palos Verdes home last Thursday morning with an arrest warrant for 19 felony counts, including grand theft, money laundering, and tax evasion. The charges had already been filed with the Los Angeles County District Attorney’s office. Cram was taken into custody and brought to the RBPD jail on a $500,000 bail without incident. He was still in custody at press time. According to police reports, the arrest was the culmination of a year-long investigation. Cram worked for Hennessey’s from 2006 to 2010, and shortly after his departure an internal company audit found suspicious financial discrepancies related to Cram. Owner Paul Hennessey brought the matter to RBPD detectives. Lt. Joe Hoffman, the head of the RBPD detective bureau, said that the investigators believe the amount Cram allegedly embezzled could be even higher than the $1,146,000 he is thus far charged with. Hoffman said that Cram’s alleged thefts were mostly in the form of company checks on which he…
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