Having dealt with the law enforcement in this town in a professional capacity, I can firmly say they would think you were blowing smoke up their ass were you to call them to report this. And I live in a college town with 50,000 people, with three overlapping law enforcement agencies (the state police, the local cops, and the sheriff's office)--all of them would think the same thing. Unless there is hard evidence, they're not interested.
I'd talk to HR about my concerns in regards to the exec's work performance, but I think that's really about all you can do in this situation.
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If I am not better, at least I am different. --Jean-Jacques Rousseau
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