To be honest, this story sounds like they did almost exactly that.
Obviously an investigation is needed, but doesnt this situation seem most likely:
Student reports his school laptop stolen so he can keep it for himself
School activates anti-theft software (which includes webcam)
School recieves image of said student, proving he lied to steal the laptop
School sends letter to student's parents telling them what their child has done.
Now I don't know if that's true, but frankly it sounds more believable than some evil school big brother conspiracy. I guess the the FBI investigation will find out in the end though.