In a shocking revelation, federal prosecutors have charged Anthony Farrer, the founder of “Gentlemen Timepieces,” a high-end watch consignment store in Beverly Hills, for operating a Ponzi-type scheme, announced the Department of Justice on Wednesday. This deceitful scheme involved defrauding unsuspecting clients who entrusted their luxury watches with Farrer’s store.
Dubbed as “The Timepiece Gentleman,” Farrer was apprehended by the FBI on Tuesday at a storage facility in Venice, where he had been hiding. He was held in custody until his initial court appearance, where he faced a count of wire fraud that carries a maximum penalty of 20 years in federal prison.
The allegations stem from a federal complaint stating that Farrer began deceiving his clients in late 2022 until 2023 by promising to sell their luxury watches on consignment but pocketing the proceeds for himself. Moreover, authorities discovered that Farrer manipulated his clients further by requesting wire transfers for specific luxury watches and then failing to deliver the promised timepieces. Instead, he sent them different watches or even used watches intended for sale to pay off his own debts.
Law enforcement officials revealed that Farrer cunningly gained his victims’ trust by initially completing smaller transactions before moving on to high-value items. This calculated approach lulled his clients into a false sense of security, making them more vulnerable to his fraudulent activities.
As a result of his deceptive practices, it is estimated that Farrer defrauded his clients of approximately $3 million, systematically robbing them of their valuable watches and leaving them empty-handed.
Farrer’s arraignment is scheduled for December 14, and he is expected to appear in court on Thursday for his detention hearing. If convicted, he could face severe penalties for his egregious actions.
This shocking revelation serves as a stark reminder of the importance of caution when engaging in luxury item consignment services, highlighting the need for thorough research and due diligence to avoid falling victim to fraudulent schemes.
