Your Roommate is Stealing from You

What is the proper Christian response to a roommate who is stealing from you?
What if you and your other roommates confront him and he continues to lie about it?
What if he finally admits it - do you press charges? or just ask for the stuff back? Or completely forgive him altogether?

This happened to me last night.
Over the last couple weeks our house of 6 guys has been having stuff stolen from the house - totalling: 1 xbox, 2 laptops & $420. We found some of it under his bed, and still he denied it. Finally, when we threatened to call the cops, he confessed and said he'd get our stuff back.

It was ugly! Hopefully we're all still saved after last night.

I'm still wondering, after last night, - as a Christian - should I just let him keep my laptop? He works at Taco Bell, and couldn't pay rent this month (his first month with us) - but he drives a newish Lincoln Something, and has some expensive stuff.

Also, should we press charges? I don't want to, none of us do. But I kept thinking about that verse where God says he doesn't like when the innocent are punished and the guilty acquitted. (although he acquitted me, right?)

Have you ever faced this situation? What do you think?