The old saying, “finders’ keepers, losers’ weepers,” may sound harmless, but what appears to be a lucky discovery could become a costly mistake.

Under the law, keeping someone else’s lost property could result in criminal charges, including fines or up to five years behind bars.

Veteran defence attorney Christopher Townsend, speaking with THE STAR, explained that the Larceny Act places an obligation on the person who discovers lost property to make efforts to locate the owner and return the item.