Bought stolen iPhone 5s, is there any way to wipe/restore it?

fmguts
fmguts Posts: 1
in iPhone Forum
I bought this phone off some guy on craigslist and was skeptical at first since he said the phone just needed charging but was in great condition. It has a passcode on the screen so I think its stolen. I tried calling the guy to get my money back but he isn't ever going to answer I think. Any way.. I realize I'm supposed to do try to return it to its owner but is there any way to restore it or wipe it completely by downgrading it to 7.0.6 or another firmware? I don't mind if it turns into an expensive iPod touch.
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