Yes. Selective enforcement of law, especially esoteric or procedural laws that often apply in white-collar crime, is widely used and under-recognized as a potent political weapon.
TL;DR they can get you good for taking money from your parents to buy your first house, which most people in the US do.
I think the author's argument wasn't that this practice is not or should not be a crime, but that the potential criminal penalty - 30 years! - is far too high.