merna - I understand your distress and it is clearly wrong that 14 year olds have sex.
However, many of us are realistic. You can report him to the police and press charges, but you will be putting your daughter in the witness box and that is not a pleasant place to be, especially in respect of sexual offences.
Here a man was sent to prison
http://www.thestar.co.uk/news/Man-jailed-after -having-sex3812719.jp
Here a man escaped prison because the 11 year old girl was willing:
http://www.dailymail.co.uk/news/article-564847 /Paedophile-escapes-jail-abusing-girl-11-judge -says-welcomed-sex.html
I really don't know if I would want to put my daughter through all that.
How your daughter fares from this is down to you. Hopefully she will learn from it, learn to respect herself and her body and have the confidence to say 'no' in the future.
If you believe this has 'ruined her life' it may well do.
You have the perfect opportunity now for proper talk - to make her aware she is responsible for herself; that some (not all) boys and grown men will want to take advantage and it is up to her to stop them.
You can make sure she is loved and knows she is loved, and that she can talk to you about anything and everything.
I wish you well.