I just bought a verizon phone from a guy. And it was reported lost/stolen. He said he called the company and said it should work in 5 business days. I'm not sure how verizons lost or stolen works so if anyone can inform me please let me know if this guy could be lying. Thank you

You bought a stolen phone, it still belongs to either the original owner or most likely the phone insurance company if they had insurance on it, and replaced it.
So normally you send it back to the real owner or phone company and are merely out of the money you paid for a stolen phone.

Next to "work" you have to get an account and a service plan, so you have to take the phone to a provider and buy service

I bought the phone out of a paper. So the guy was intitionly trying to sell it. We met up. I got the phone and he called it in stolen. He said he didn't and told me he would fix it. He told me that he called the verizion number and that it would be 5 business days before the phone can be activated. I'm not sure if he's telling the truth

He called it in stolen so he could get a new phone though the insurance.
And that does not giveyou any account to use it, most likely it is now locked and opinion, he is not calling anyone, and you are just out the money, and since you knew it was reported stolen when you bought it, you are even part of the criminal fraud the person is doing

I did not know it was reported stolen until I already bought it for over $100. I tried activating it and it won't. Don't accuss me when I dnd tknow about it