Hi - Sorry you are having a hard time - unfortunately I can relate all too well. My 16 y/o difficult child is in the same mode - no interest in anything but sleeping all day & then complains he just can't sleep - and is up all night on the phone or myspace. Doesn't take advice like exercise, do something constructive with your time, etc. Does your son deny being depressed? Mine does even though he certainly 'acts' depressed around us but he's not depressed around his friends.
Mine is on a 15-day "house-arrest" for the 2nd time & was court ordered to get a job (that's the only reason he can leave the house) but hasn't even done that. When we go back to court soon he'll be in contempt once again but it doesn't even seem to phase him.
Unlike your's, my son has a history of drug use, self-defeating behavior, wants to drop out of school and is totally self-absorbed. I'm currently in the "give him enough rope to...." mode but it's not a pleasant thing to watch. I suspect the judge will loose patience this time & order him into juvie or a bootcamp type of program - it's up to him to do the right things to prevent that but he just chooses not to. I think he likes playing the power-struggle game.
I'm wondering why hasn't the court ordered your son to pay back the $$. They haven't insisted that he get a job or face the consequences? I'm learning the hard way that at 16 they are old enough and intelligent enough to know right from wrong & have to be accountable for their actions (or inactions!)