Found iPhone 5 in a bush with no SIM... what should I do?

Question

Hi all,
In contrast to the problems I've encountered with Apple tech before, this time I've been lucky, so to speak. I was walking along, minding my own business, when I saw something glisten in a bush. Being the scavenger I am, I leaned down, picked it up, brushed it off and realised what it was. An iPhone 5 was lying in a bush. I looked around to see if anybody had dropped it, and asked some of my neighbors if it was theirs (it wasnt). Shocked, I ran home (about 200 meters away) and turned it on, it had a passcode on it and a picture of 5 guys in vegas. I went to the local tech store and bought myself a lightning cable, hoping I could find the owner by plugging it in. Itunes wasn't much help though, the best I got was that it's "Sully's" iPhone. The phone didn't have a SIM card in it, so nobody could text or call it and obviously find my iPhone wouldnt work as it had no connection to my wifi. I spent about 3 hours looking for a "Sully" in my area that matches any of the faces in the picture but still, nothing.
After this fruitless search, I set about trying out as many of the guessable passcodes as I could, unaware that after 11 attempts, the phone wipes itsself. It's been with me for about 2 days now and now it's factory restored, so the owner probably couldnt ID it. I spent another 3 hours searching online for what I should do next. Obviously I would LOVE to keep it, but only after taking "reasonable steps" because of my concience, as well as the law of "theft by finding".
My question is, have I taken the "reasonable steps" I need to, or is there something more I should try?
I know I could take it to the Police and/or Mobile network, but frankly, I don't know what network it was on or whether the police would DO anything with it now that it's practically impossible to find the owner. Which brings me to another question... let's say I hand it to the cops and nobody shows up for it, would I get it back and after how long?
Or should I just keep it?
Thanks in advance,
TheMankymoo

Answer 1

But would either actually waste valuable time and effort to do so? The way I see it, the network has no obligation to return the phone, as it'll simply make them more money if he buys a new one, so they wouldnt return it. As for the police, they have bigger problems to deal with, no?
It's not like I don't want to return it if possible, just that I'd prefer to keep it than have either of the two scrap it or sell it.