Being punished for theft is correct.
But the excessive - wholly over excessive - fine in this case is way out of line and over the top ... or at least should be ... unfortunately it is on par for the course.
More appropriately a fine of 3 times the value of the theft would be a deterrent - facing $15 rather than $5 most people would pay the $5 and be done with it, whereas facing a fine of 'who knows what' or in this case $450 a larceny-mind person will opt for the larceny knowing they will never pay such an excessive fine and will get free room and board for their troubles.
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