My business partner embezzled money from our corporation 3-4 years go. We're 50/50 shareholders. What are my options?

The Corporation could bring suit for conversion of corporate assets...but the question is whether or not the person has sufficient assets to respond monetarily and how much is involved? What is the current status of the relationship between the corporation and this person? When did you first learn of the embezzlement? Has this been reported to the authorities?...Stephan Math Esq.