I know this situation well. It can be awful. You have to take strong and immediate action to show that you or your company haven't been complicit in the alleged crime or that your company didn't attempt to hide or cover up anything. You said the allegations are likely false. Without knowing the facts it's difficult to say, but you have the tough decision of whether you distance yourself from the employee, which is likely the right thing to do for your company. You want to stay out of the media and hope it passes soon. This means being silent at appropriate times, but speaking up when necessary to clear your name. I'd be happy to hop on a call and discuss if you're still dealing with this problem.