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You are correct that you could fire him and then sue him civilly for any losses on behalf of the corporation. You can also pursue criminal charges for embezzlement and fraud, which can be charged as a felony for his actions in abusing his position of trust and stealing the money. If he is unable to pay back any money that he stole as part of any civil judgment or criminal restitution, then you can force a sale of his shares through a "partition action" where you ask a judge to order an appraisal of the company and then order a public sale of his interest in the company.
But you might be able to have your attorney negotiate some type of a buy out where he gave up his shares and in return you don't pursue civil and criminal cases against him for the theft.