James Cram

James Cram (Courtesy Redondo Beach Police Department)

The former CEO of Hennessey's Inc., the company that owns Hennessey's Tavern in Laguna Beach, was arrested Thursday morning in Rancho Palos Verdes on a warrant that included 19 felony counts.

James Cram, 54, is accused of embezzling from the Redondo Beach-based company and its owners Paul and Jennifer Hennessey, according to a Redondo Beach Police press release.

He is suspected of embezzling about $1,146,000 over the course of his employment from 2006 to 2010.

The charges include grand theft, money laundering and tax evasion.

Cram is currently being held on $500,000 bail.

Besides Laguna Beach, Hennessey's Tavern has locations in Carlsbad, Dana Point, Hermosa Beach, La Jolla, Las Vegas, Manhattan Beach, Pacific Beach, Redondo Beach, San Diego and Seal Beach.

—Joanna Clay