As for May's potential punishment, especially now that he has fled, Suffolk Country District Attorney Press Secretary Jake Wark told Joystiq, "Both charges carry maximum five-year prison terms, though there are monetary fines as potential sentences. Neither offense carries a minimum term. Being a fugitive from justice carries a potential penalty in most states, but only in the jurisdiction to which a defendant flees. For the moment, he is only in default and not facing any enhanced penalties."
According to the Boston Police report, May's attempted theft of Breach was valued at over $6 million dollars. May's current whereabouts are unknown, but we do have his Gamertag, which shows that wherever he is at the moment, he's playing Modern Warfare 2.
Update 2: Added details about prison terms and fines. The person using May's Gamertag signed off after we contacted them.
Update: The police report can be found after the break.