Latest: Man arrested after Frances McDormand's Oscar was reportedly stolen

Update 6.30pm: A man has been arrested for allegedly stealing Frances McDormand's Oscar statuette, Los Angeles police have said.

Earlier: Frances McDormand's Oscar was reportedly stolen at an after party

Update 4.30pm: Three Billboards star Frances McDormand won praise for her impressive speech as she collected the Best Actress award at the Oscars, but the headlines did not stop there.

It has been reported that McDormand's award was STOLEN during the Governors Ball which took place after the Oscars.

Frances McDormand at the Governors Ball after the Oscars. (Photo by Eric Jamison/Invision/AP)

USA Today reports the McDormand was spotted crying outside the event after misplacing her award and she left with husband Joel Coen.

Security was sent to search for the award, which thankfully had already been engraved with McDormand's name.

New York Times reporter Cara Buckley stated on Twitter that a photographer for chef Wolfgang Puck stopped the man who took the Oscar and got it back.

Buckley added: "Apparently Frances has said let him go."

Simon Halls, McDormand's representative, later confirmed to USA Today that the Oscar and the actress had been reunited.

"Fran and Oscar are happily reunited and are enjoying an In-N-Out burger together."

Thankfully she didn't need Three Billboards to highlight the incident. 

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