HT1212 I found an iphone over one year ago. Its locked with a passcode. I kept waiting for the owner to call it. They never did. I went to ATT store today, they put a new sim card in it. but now itunes needs the passcode to reset it to factory settings.

I found an iphone over one year ago. Its locked with a passcode. I kept waiting for the owner to call it. They never did. I went to an AT&T store today, they put a new sim card in it. and told me to go home, log on to itunes, and restore the phone to "factory settings".But itunes says the phone is locked and it needs the passcode to reset it to factory settings.
Any workaround? Or, am I doing something wrong here?
Thanks so much.
Joe

Sounds like you may be the owner of a new phone!  If you don't need or want it and no one claims it you probably can sell it. Check eBay to see what the going rate is.
You are to be commended for at least trying to find the owner. Many wouldn't. 
Best.
GDG

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