Buckley then detailed how a photographer working for celebrity chef Wolfgang Puck later "stopped" the suspect and retrieved the Oscar, before the man "disappeared back into the ball". He is being held in lieu of $20,000 bail and faces up to three years behind bars if convicted, prosecutors said.
A video, which has since been deleted, appeared on Bryant's Facebook page which showed him holding the award while wearing a tuxedo.
It was the second time McDormand had bagged the best actress statuette following her win for "Fargo" 21 years earlier, and her acceptance speech was a highlight of the evening.
Los Angeles police said Bryant gave up the Oscar without resistance near the building's exit after he was confronted by a photographer who grew suspicious because he did not recognize him as a victor.More news: Geneva Motor Show: Electrics buzz but gas-guzzlers still shine
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The police said in a statement: "The incident occurred as Bryant was exiting The Governors Ball". McDormand allegedly said to let the thief go but security turned him in to Los Angeles police. Don't talk to us about it at the parties tonight.
A representative for has McDormand since told the publication that the star was "happily reunited" with her award and that "Fran and Oscar" were "enjoying an In-N-Out burger together".
Frances was seen crying outside of the Governors Ball with her husband, only soon to be smiling again with her engraved award.
In the video, which has now been taken down, he kissed the statue and said: "Lookit baby, my team got this tonight".