So, let me put a scenario to you "it's not theft, he 'found' it" people.
You're at a bar and you find an iPhone. It's in a case, so there's no reason to believe that it is a prototype. Would you 1. take it home or 2. hand it into the bartender?
If you chose #1, then you're at least an asshole and more than likely a thief. If you find lost property in a public establishment, then the easiest and most effective way to get the property back to the owner is to GIVE IT TO PROPRIETOR OF THE ESTABLISHMENT. That way, when the owner realizes that they lost their property they can retrace their steps and call all the places they recently visited and then go and pick up their property from said proprietor. That's what a non-asshole/thief does in these situations.
In this case, the guy who found the phone did not immediately hand over the lost phone to the bar, but started to play with it [1]. Then he TOOK THE PHONE away from the place it was lost, thereby making it impossible for the owner/loser to trace his steps back to the bar and retrieve it [2]. Then, he did not try to contact the dude who lost it [3]. Then he half-assedly tried to return it apple by calling the customer service line at apple (like the monkeys manning the phones would believe him or know what to do) [4]. Then he sold it for $5,000 [5]!
You think that this is ethical and should be legal? If so, you have no moral compass. The simple, ethical thing to have done was just hand it into the bartender/bouncer/hostess.