Are their any laws that say you must return something you found?

I found a purse that didn't have an id in there so I don't know who it truely belonged to. There was a pay stub, a bank receipt and $1200 cash, but their was mail with several people's name on it in there. There was also an iPhone whereas some chick kept calling the phone asking if I can return the bag. At first I said yes, but I couldn't verify that it was hers stuff, so I eventually kept the money and sold the phone to my friend for $200. Some how she got his address and showed up at the apartment building looking for her phone, but she didn't know his apartment number. I told him to turn the phone off and take out the SIM card. Last night the police knocked on all the doors in the building. Are there any laws that say you must return found merchandise?

You're going to jail

Moral laws… Now, if she said that her purse was stolen, that's different.

"These laws usually require that a person who finds money, especially larger amounts (for example $100 or more), turn it over to the local police. If no one claims it after a certain period of time, the police can then give it to the finder to keep. Some communities may have different laws and some have none. In the US, traditional ethical guidelines about finding money are quite similar-you should try to find the owner and only keep the money if you made a reasonable effort and couldn't locate the owner."

In my state there's a specific statute requiring you to turn in anything you find that is valued at over $25.

"Finders Keepers" is a children's game, not a legal principle.

You took someone's money even though that person told you it was hers. You knew it wasn't yours. Yes You are liable. I really hope you get what's coming. Your actions are despicable.

If you know the owner, or can easily find out, yes. Your friend bought a stolen phone from you. He didn't steal it, but he can't keep it. He is out $200.
Now, you should have brought the police into this earlier, because some of the stuff in that purse may have been stolen, and she herself might be a thief.
But then you wouldn't have gotten a free $1400. Which you may still have to pay back because it was not yours.

If you find a lost item and you aren't sure of the ownership of that item, the courts determine who the legal owner of that item is, not the finder.

You already told the girl you had her phone; it was easy for her to track you down and she probably has you recorded admitting you had it.

You can be charged with a crime, and so can your friend. If you found an empty purse, it wouldn't be a big deal unless the purse was worth enough money for the owner to press charges.

Now that you've admitted to having the stuff, she has you for the phone, the purse, the paycheck (if it wasn't cashed by here) and the cash.

Also, if you threw out the mail (or opened it), you can be prosecuted by every person whose mail you opened (and/or stole) as well as mail fraud by the post office.

You want to know the laws, yet you don't even say WHERE you found this purse? If it was left unattended at a party or restaurant, or on a train, you didn't find it. You stole it. If it was on a sidewalk, you found it, but let's just say this didn't happen.

On the rest, you sold a stolen phone for $200 to someone stupid enough to buy it? And then when you told him to remove the SIM and turn it off, does anything pop into mind as to what you might be charged with? (In addition to selling stolen property?).

Only the laws of ethical behavior and good manners. Both of which you apparently lack, along with a complete grasp of the English language.