Jay Leno Rails on Catalytic Converter Crimes in Wake of Johnny Wactor Murder

Jay Leno is railing against the light punishment for most perps caught stealing catalytic converters as the L.A. crime wave is turning deadly ... specifically with the recent murder of "General Hospital" actor Johnny Wactor.

The stand-up comic and renowned car guru tells TMZ ... it's outrageous the penalty for ripping off converters -- usually a $1,000 fine amounting to just a misdemeanor charge -- isn’t vastly harsher.

JL adds ... The slap on the wrist most thieves receive -- if they even get nabbed -- is the reason they're so brazen.

The former 'Tonight Show' host pointed out it's against federal law for a car owner to remove their own converter -- which some have done under the false assumption there will be better performance -- and it can result in a gigantic fine.

In California, the crime is merely a misdemeanor if the value of the converter, or any stolen property for that matter, is less than $950 – which is why certain cars are targeted. All converters have precious metals to be smelted down – the reason thieves take them – but some models are cheaper than others. Hence, lighter punishment.

Leno tells TMZ, in most cases, it costs victims thousands of dollars to replace a stolen converter. If that weren't bad enough ... they may have to wait months for the repair due to the huge backorder ... because of the massive uptick in thefts!

In his estimation, the clowns behind the crime are likely getting around $20 a pop, which is why they steal so damn many.