Coming in late:
No privileges at all. Everything taken away. (No internet, no gaming, no tv, no friends over, nothing but school and home.) All of this would have to be earned back over time. I have a thing called a "trust bank" with my kid. If he empties it, then he gets no "trust" from me until he refills the bank again. This means being grounded isn't for a set amount of time that the kid knows he just has to endure...it's an amount of time determined by his actions and what he does to earn back the trust/privileges.
I would also include hard labor. Chores, chores, chores, and more chores. All the money spent would have to be repaid (even if I did get the charges reversed, the kid needs some idea of what that money costs in terms of earning it).