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Former Hennessey's CFO Arrested

James Cram, the former chief financial officer for Hennessey's Inc., is accused of embezzling more than $1 million.

Redondo Beach police detectives arrested former Hennessey's Inc. Chief Financial Officer James Cram on embezzlement charges, according to police spokesman Sgt. Shawn Freeman.

Police believe that Cram, a 54-year-old resident of Rancho Palos Verdes, embezzled $1.146 million from Hennessey's Inc. and its owners, Paul and Jennifer Hennessey, when he worked from 2006 to 2010.

According to Freeman, when Cram left his position as CFO, the company performed an audit and "discovered discrepancies" in the books. Paul Hennessey alerted the police.

"Mr. Cram was basically writing checks to himself or his own creditors ... signing Mr. Hennessey's name to it," Freeman said.

The investigation took more than a year to complete, Freeman said.

Cram was arrested on 19 felony counts, including felony counts of grand theft, money laundering and tax evasion, according to the statement.

Cram is being held at the on $500,000 bail, Freeman said.

Hennessey's Inc. operates , and in Redondo Beach.

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