I think I read this in elementary school, so it was probably late 1980s to early 1990s (I was in elementary school between 1985 and 1992) in Ashland, KY. I don't think it was illustrated, or if it was, it was just a few sparse pen-and-ink drawings to set the scene. The basic plotline is that the male protagonist, somewhere in middle school to high high school, falls in with another male around the same age. This male is implied to be from a well-to-do family, but largely unattended. I remember a scene where they were sitting in the living room by a fire, drinking something from glasses (probably alcohol) and the rich boy punctuates his point by hurling his glass into the fire, inspiring the other boy to do the same.
The two of them shared a mutual dislike for a male teacher, I think with bushy eyebrows, who had a name like "Mr. Gulag" because they made a joke about "Mr. Gulag's gulag" in regards to detention. Anyhow, they decide to kidnap him, maybe just to put a scare in him, maybe to do something more nefarious. I don't remember many of the details... I think they ambush him in the parking lot with a chloroform-soaked rag. Wherever it is they take him, they have him tied up with rough ropes. After that, all I remember is that the rich boy is getting out of control, suggesting more criminal acts to do as "revenge" against this teacher who's far too tough on him, while the main protagonist realizes just how far in over their heads they are and tries to talk him down. The teacher manages to get them conversing and eventually convinces them to let him free in exchange for him not turning them in, or maybe for pleading clemency.
I don't remember a lot of the characters. Either they were all Caucasian or not enough fuss was made about their race to make it worth noting. I want to say that the richer boy was dark-haired and that the teacher was grey-haired with bushy eyebrows. The part which has stuck with me so much was that his name sounded like "gulag".