Can I use a friends upgrade for myself?

I have an iPhone 4S and I want the iPhone 5. I cannot get a new phone for a year now and I want to know if I found a good "loop hole" or not in Verizon's upgrade program.
My plan is this:
Sell my iPhone 4S 32 GB for about $300 on eBay.
On my friends Verizon Wireless account, he will use his own upgrade on Apple.com and pay for the iPhone 5 with the money I give him.
The iPhone will get delivered at his house (in about a month ) and he will just give it to me still unopened in the box.
I will open it, power it on, and call *228 and press "2" on the keyboard and activate it with MY Verizon account even though it's on his line. Now it will use my data, my number, my bill, etc...
Will this work the way I want it to? If so, will it change my bill due to LTE?
One more thing: when it first gets powered on straight out of the box, will it already be linked to HIS number or will it not be linked to any number at all (meaning it can't be used for calls, text, 3G/LTE)?
Thank you for your help!!

You would need to get a new SIM card and don't do *228 it will hurt the phone. You would have to brin he phone to the store to get a new SIM card.
If you do the software update you will get a lot of what the iPhone 5 has and maybe you could keep your phone untill 20 months is up. If you get a phone from another account you might not be able to put insurance on it.

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