no the punishment doesn't fit the crime

he stole 7 songs which can be argued is approximately a cd

i bet you cann't find 1 person who has stolen a cd that has to pay a $70,000 dollar fine

i'm sure there are instances where a fine of $10,000 per digital theft is probably getting off lightly ( say hacking into a aircraft designers computer system and stealing designs for a new prototype as they would be worth well in excess of the fine) but for the theft of a 3 min audio file thats worth around $1 a $10,000 is excessive