“The Timepiece Gentleman” Admits To Running Ponzi-Like Scheme
“The Timepiece Gentleman” pleaded guilty on Thursday to defrauding dozens of customers out of at least $5.6 million through his luxury watch consignment business.
Anthony Farrer, 36, formerly based in downtown Los Angeles, admitted to one count of wire fraud and one count of mail fraud. Farrer has been in federal custody since November 2023.
According to court documents, between November 2022 and November 2023, Farrer operated a consignment business under the name “The Timepiece Gentleman” from a Beverly Hills location. The business connected buyers and sellers of high-end watches, including brands like Rolex, Richard Mille, and Patek Philippe. Clients would ship watches to Farrer, who agreed to sell them and return the proceeds, minus a 5% consignment fee. If a watch did not sell, Farrer was supposed to return it to the client.
Instead, Farrer kept the proceeds from sold watches and failed to return unsold watches to their owners. He also used some of the client’s watches as collateral for personal loans without their knowledge or consent. When clients inquired about the status of their watches, Farrer lied, claiming they had not been sold, even though he had already disposed of them for his personal gain.
Farrer also took money from clients who asked him to purchase specific luxury watches on their behalf. However, instead of fulfilling those requests, he used the funds for personal expenses, including luxury cars, apartments, and other lavish items. In some cases, when clients demanded updates on their purchases, Farrer would send them watches that belonged to other clients, mimicking a Ponzi scheme. He abandoned the store in August 2023, while still advertising watches for sale on his website as late as October 2023 as we reported in a previous article.
In total, Farrer defrauded over 40 victims, causing losses exceeding $5.6 million.
U.S. District Judge Josephine L. Staton has scheduled a January 31, 2025 sentencing hearing. For each count of fraud, Farrer faces up to 20 years in federal prison.
The FBI, IRS Criminal Investigation, and the Beverly Hills Police Department investigated the case. Assistant U.S. Attorney Joshua O. Mausner is prosecuting it.
