HT201365 What if you buy a activation locked device and previous owner is unavailable?

I purchased a iPhone 5s with an activation lock from craigslist. Selling party is unavailable. What options do I have of reconciling any funds, if any?
Or have I just purchased a $500 clock?

You are now the proud owner $500 paper weight.
You can try reporting it to Craig's List as a fraudulent sale. They might be able to help you.
Allan

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