Found stolen Iphone? What do i do?

A friend of mine gave it to me a couple days ago. He found it about a year ago in a taxi that he works in. No one called in or anything to ask for a lost iphone so he kept it. According to my friend the person who owned the phone was rich.
I was able to unlock the Iphone but its still connected to the ladies carrier so i can't do anything with it because the phone was reported stolen.
Is their anything i can do so that i can use it.

Please keep in mind that we don't know who the lady was nor do we know how to reach her to give it back if he did he would of returned it. As well that its been over a year since she lost it. I know its not mine but how can i make it mine is my question. If there nothing i can do how do i return it or what do i do with the phone?

I have reset it, connecting it with my itunes( using recovery mode)

You could turn it in to Apple or you could turn it in to lost and found around the area that the lady was when she got picked up.

  • My iphone 4 was stolen and found, why would I have to pay pawn shop? My iphone 4 was stolen from a subway(Ocoee, Florida) restraunt since then it has been found pawned in a pawn shop in Orlando, Florida. I'm being told I have to pay $50 to get it back from pawn shop, is this right? Is this a law to protect pawn shops losses from accepting stolen property?
  • I have a stolen iPhone 5c but I didn't know it was stolen? I bought an iPhone and checked the imei and I found out it was stolen. I can't use it yet because it is stuck in the beginning where it says " please insert a sim card, SIM required" I just want to use it as an iPod since I got it for a good cheap price. It is a sprint phone, and also if I take it to Apple or Sprint will they take the phone away? I didn't know it was stolen and I don't want to get blamed or end up losing money. The iPhone was restored already.
  • I got an iphone 5. Found out it was stolen what should I do? I traded my ps3 for an iphone 5 but I found out it was stolen. I got a SIM card I gave the imei number and they told me its on tha black list or block list what is that? Can't I just activate the SIM card and put it on the iphone? If not then what can I do with the iphone?
  • I found a found and nobody called. ITs been a month. What should i do? I found a iphone 5 and i factory reseted it after nobody called for about a month. A message from the owner showed up after reseting it and I called that number and texted it repeatedly but no answer. So i'm thinking of giving it to my sister since her phone broke but its locked from icloud. What can i do? I have the phones MEID & IMEI number. - What are my options? Its a waste to just throw it away.