Employment Law Questions? Ask an Employment Lawyer.
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First and foremost this is a criminal matter, and as such, should be reported to the local police. The police will investigate and the DA can initiate a criminal prosecution through which this employee will be forced to return what she stole. The fact the employee threatened blackmail is also something that can be reported to the police, and this is also a crime.
It's impossible to say whether you have any exposure to civil claims that this employee might bring because you have not included sufficient facts, but the filing of criminal charges will not operate to bar this employee from asserting a civil claim against you if there is some basis for it. That is entirely separate from the crimes they have committed, and just because someone has committed a crime does not mean they somehow waive other rights they may have regarding unrelated matters.
I hope that you find this information helpful. Please do not hesitate to let me know if you have any questions or concerns regarding the above and I will be more than happy to assist you further.