Former CFO Of Restaurant Chain In California Arrested For Embezzling More Than $1.1 Million

James Cram, 54, of Rancho Palos Verdes, California, has been arrested on charges he embezzled some $1,146,000 from Hennessey's, Inc., a chain of restaurants for which he had been employed as chief financial officer.  Specifically, Cram has been arrested on 19 felony counts including grand theft, money laundering and tax evasion police said.  The thefts may have spanned as long as 5 years, from 2006 until 2010.  Police investigators indicated that Cram was "basically writing checks to himself or his own creditors..." and forging the owner's name on checks.  Cram is being held on $500,000 bond. 

Read the story here and here.

Read the police press release here.

Update (11/23/11): Cram pleaded guilty to one count of grand theft embezzlement and one count of filing a false tax return admitting he embezzled more than $1.146 million.  Thus far he has repaid $610,000 in restitution, according to reports.