In either case, the fact that he knew it was Apple property, and then procededed to sell the stolen/lost hardware in exhange for money violates a state law, at minimum. I think whether there is further litigation really depends on whether or not Apple decides it's worth it.
To say that he can clear himself by saying/proving he called Apple is like saying that if you leave your car unlocked in a bad neighborhood and before someone steals it, they try calling you first to tell you you left your car unlocked. Then, when the call goes to your voicemail, they proceed to sell your car to someone else. As far as I know, that doesn't make it ok.
Of course everyone is assuming that the phone was "stolen" by the person who turned it over.
If we assume that this was a planned marketing tactic, which I do, then everyone would have to be in on it, except Gizmodo, in order for this to succesfully work.
As other have said here, if the phone was really lost, why couldn't they trace where the phone was located if they in fact remotely wiped the phone? The process to do "Find my Phone" or a "remote wipe" is the same. You log into mobile me to do either action. They also could have locked the phone remotely with a message that said lost phone and who to contact to return the lost phone. Not to mention, if this really was a prototype to use out in the wild, why would they put all the APPLE stuff on the back case? Would it just be plain and very vague in case it was lost? Or look like a knock off for this very purpose.
All seems to fishy.
Don't forget, the only person who claims to have seen a new operating system, played with it and then saw it was wiped the next day was the "Person" who turned it in. Hmmm.. Unless of course, the phone never worked and he was just saying his learned lines or is an Apple employee himself.
The photo of the "iphone" in the in the "leaked" spy photo of the ipad, show the same connect to itunes on the screen that Gizmodo clams they could see. So... maybe it never actually had a working 4.0 operating system on it.
Hey, maybe Steve is having a little fun since that photo is out there and knows that people have seen the prototype in the photo. So now throw the prototype out there and have us THINK it the real deal as a way to taunt the spies and have everyone chaising their tails. Or maybe it is the real deal.
Who says Apple will do what they have always done and release the new phone design at WWDC? If you look at past rumors, the WWDC is possibly scheduled for June. AT&T has issued a letter saying no vacations in June. This has been done in the past due to new iphone launches. Usually there is a month window between WWDC and the actual release of the new iphone. Given the above rumors regarding WWDC and the AT&T memo this can't be the case. Would seem impossible to do both given the time frame. But if this was Apple's initial big hardware reveal........
The only real new hardware items that would affect possible developers would be the addition of a camera flash and the front facing camera. Both of which I believe were noted by developers and being part of the 4.0 software. The question was will these features be a part of a new phone. Maybe this was the leak to say that they are. Apple jumps in once they posted photo's showing these new hardware items. Apple also could have kept the chips disguised for the parts that they did not want revealed so Gizmodo would have no clue as to other innerworkings.
People have seen the prototype in the photo, why not throw it out there. Then again as others have said, this prototype then goes back months so it may not be the actual production unit but enough to get people talking or thrown off the scent. Keeps up taking about it though.