[throwaway858]

It could be done if the thief, after having been found guilty, is then forced to pay a fine equal to the cost of the investigation and court costs.

Yes, this could end up being a fine of $10,000 for stealing a $150 phone, but there is an argument to be made that it is justified (and just).

What are the arguments against?

[poszlem]

One would be that people who steal $150 phones don't have $10,000 to pay for fines.

[aborsy]

Get them work for public for 10k (few months by EU standards).