Richard David Bell admitted the offence, on the basis that he found the bike, which was accepted by the prosecution, but accepting he should have notified the police.
The 36-year-old was also ordered to pay £3,700 in compensation to the owner, as the bicycle was never recovered.
The offence was committed on August 4.
Bell, who lives at Oak Avenue, appeared in court recently, and was represented in court by defence advocate Peter Taylor.
He was also ordered to pay £125 prosecution costs and will pay both amounts at a rate of £40 per fortnight, deducted from benefits.