UPDATE (June 24):
This incident has been downgraded to lost/stolen property.
UPDATE (June 20):
The phone that the victim lost in this incident was recovered in a parking lot. Investigation has indicated that the phone was lost and not taken in a robbery.
Original release (June 10):
The victim stated that a suspect approached him and demanded money. During the incident, he dropped his phone and couldn't find it. The suspect did not get any money from the victim.