Depends on the business but i'd keep him close, take down notes, collect some evidence, watch what they do, record what they say, hire a lawyer, listen to conversations, ask some questions, make sure nothing fishy was going on.
Then, if there was a strong case, i'd put everything together in a brief for a lawyer to take a look at any damage or losses resulting from recorded ****ty conduct, and then tell the employee they're no longer required.
Above all, i'd be honest and genuine about any grounds for dismissal that i pull the trigger on. That way i can meet any charge that i'm just as dishonest as the employee i dismissed with evidence to the contrary.
Two years delay just makes Vaughters look as indecisive, dubious and dishonest as the UCI is. Set an example when the offence occurs if you are so righteous, like Vaughters and Vroomen claim they are.