Police say 21-year-old Christopher Daniel surrendered to police on Tuesday.
Sources tell Action News Daniel confessed and has returned the bag full of jewelry.
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According to the source, video shows Daniel lurking in the Sofitel Hotel in Center City on Monday morning.
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One of Iverson's friends left the backpack sitting on a chair in the lobby and, the source says, the suspect is seen picking it up and walking out.
A source tells Action News that Iverson was in the hotel on Monday but was not in the lobby at the time of the theft.
Daniel is facing multiple theft charges.