The phone doesn't belong to Gray Powell.
Maybe Gray Powell should be the one being investigated by police.
He is the one that removed the phone not belonging to him from Apple headquarters.
Remember, the iPad wasn't allowed outside of a windowless room and was required to be chained down AFTER apple showed it publicly at a Keynote address.
Is it so far-fetched to think we don't know the whole story here? Would Apple ALLOW an iPhone prototype outside the walls of HQ? Now yes, Apple needs to test the phone, but does anyone know if the phone can be tested without an FCC license? And why would they be tested 15 minutes from Apple HQ- is that really a representative test of the nation's cell phone towers?
Maybe Gray thought it would be cool to take the new car out for a spin when nobody would know. Maybe he thought he could impress the guys, or hit on some chicks with this. Maybe it just sat in his pocket but made him feel important and cool that he was the only person in the world with a magical, remarkable new device so secretive, billions of dollars could be made of it. He or his buddies had made a fugly disguise for the iPhone, or maybe it was a disguise that Apple made-- but they didn't plan on the phone going outside the walls just yet.
So perhaps the phone was technically "stolen", in fact, by Gray- at least for the night. For a company that prides themselves on secrecy, this would be quite the embarrassment. Apple to deflect bad press lets the police go forward against Gizmodo and will handle the Gray thing internally.
If there is an accusation of theft, I think it is only fair that Gray Powell and Apple also get a search warrant. Why are we just assuming that the phone left the walls of Apple HQ with their permission? Let's get to the truth of what happened.