Isn't the iPhone like other phones, if you tell the Phone Service ATT, T-Mobile etc it was stolen, can someone still Activate it, I mean I know this happens, but with a Verizon phone if you report the ESN stolen, no one can ever activate it, this happened to me when I was returning a replacement phone that Verizon never received back, so they put a lock on the ESN so no one can use it, and if someone tries they contact the local authorities right away.
People Really Suck, especially if someone is just playing a joke, that is why mine never leaves my side, ever ever ever, $299 White 16GB, but the thought of buying one at Full Retail and having to deal with reloading it...uggh I would Go Postal...
God Luck