Unlocking Iphone 5 for tmobile?

So my question tends to unlocking a iphone 5 Mobile.
Ill make a little situation.

If a friend gives me a iphone 5 and then I unlock it then he reports it lost/stolen. And it will be black listed""?
Will the unlocked iphone 5 still work? Since it will be labeled bad imei? And will I be able to use it again?

Or can you just unlock a bad imei Mobile iphone 5.

REFRAIN FROM RUDE/UNHELPFUL ANSWERS.

Once they have reported it stolen the mobile network will cut the phone of and there will be no way of making it work again sorry!

This is only in place because of stolen phones and things

Its will always be useless as a phone.
its an ipod touch now.
if you need a working iphone 5, email me

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