LA man known as ‘The Timepiece Gentleman’ who operated luxury watch consignment business in Beverly Hills is arrested for defrauding customers out of $3 million

A Los Angeles watch dealer known as “The Timepiece Gentleman” has been arrested for defrauding customers of $3 million after admitting he owes millions of dollars in debt.

Anthony Farrer, 35, who ran a luxury watch company in Beverly Hills, was arrested Tuesday by FBI agents on charges of wire fraud — a crime that could result in a maximum prison sentence of 20 years.

The arrest at a Venice storage facility came after he admitted to “spending people’s money and living beyond (his) means” in a confession video on TikTok.

Several customers previously sued the 35-year-old, claiming they gave him watches worth up to $100,000 each, which were sold without them seeing a cent.

Farrer, who once rented a $100,000 penthouse in LA, founded his company Gentleman Timepieces in Texas in 2017 and opened his stores in Beverly Hills in 2022.

The watch dealer built its business by selling luxury timepieces such as diamond-encrusted Rolexes and Patek Philippes on consignment and receiving a commission of typically 5 percent, according to the complaint released Wednesday.

The complaint alleges that “Farrer defrauded victims from late 2022 through the summer of 2023.”

“He promised customers that he would sell their luxury watches on consignment,” the U.S. Attorney’s Office said.

Instead of giving customers their money after the sale, he allegedly kept the proceeds for himself.

The complaint also alleges that Farrer induced victims to wire money to purchase specific luxury watches and send them another copy.

Farrer is also accused of running a Ponzi scheme, where he first made small successful deals to make people feel safe, and then solicited or made much larger deals.

Several victims contacted police and stated that they had sent money to Farrer to buy a watch or sent him a watch to sell on consignment, the complaint said.

But the customers were not paid for the watch or never got it back. Authorities estimate total losses to victims at approximately $3 million.

Farrer left the Beverly Hills store in August 2023 and began posting on social media about his various travels around the US.

The complaint stated that Farrer continued to advertise watches for sale on his social media platforms until last month.

Farrer made his first appearance in U.S. court Wednesday afternoon. A detention hearing was scheduled for Thursday and an arraignment was scheduled for December 14.

In a video he posted last week, Farer admitted to executing a plan that left him in a “$5 million hole.”

He said, ‘I dug myself this hole and it’s a five million dollar hole. aAbout three million of that debt is for two major clients of mine. Someone who acted as an investor and I used his money to finance my lifestyle.”

The watch dealer built up a loyal customer base and social media following in just a few years, thanks in large part to his online videos that showed behind-the-scenes glimpses into the horology world, as well as his lavish lifestyle.

In a video posted online, Farrer is seen enjoying dinner at an upscale steakhouse in Dallas. Another shows him flexing a Rolex on his watch in front of a row of supercars.

At one point, Farrer rented one of the most expensive penthouses in Los Angeles, 825 South Hill Street, an 11-bedroom apartment priced at $100,000 per month.

He was known to ride Lamborghini and Ducati motorcycles. He also frequently traveled to and engaged in gambling in Las Vegas, according to the complaint

His Facebook page states that he has dealt with watches worn by Kevin Hart and Mark Wahlberg, among others.

Farrer’s success increased during Covid-19 when watch prices started to rise, but when they eventually cooled off, he was reportedly left with around $3 million in shares, which were losing value every day, according to the US newspaper. LA times.

He told the outlet, “Almost overnight, prices dropped 20 percent. I was still living lavishly, still going out and buying cars.”

But he added: ‘No one has ever brought me a watch and I immediately sold it and then pocketed that money for my personal use.’

However, several customers who consigned their watches to Farrer noted that they were not listed on his website nor had they been notified of a sale.

Among them is Liron Levi, 33, who reportedly lost about $350,000 after handing over a Rolex and a Richard Mille to Farrer.

Levi told the LA Times that he signed a consignment agreement but never received any money, and that Farrer admitted he no longer had them in his possession. Levi later saw the Rolex for sale on the site of another watch dealer in New York.

In one case, a customer recorded Farrer promising to ‘rob Peter to pay Paul’ after confronting him about not receiving money for his watches.

Bob Schober, 50, had previously bought from Farrer and given him two watches, including a Rolex, to sell, which he said he never saw again.

He told the LA Times that Farrer sent him a Rolex Sea-Dweller watch instead to try to cover the debt, but he became suspicious it belonged to someone else.

Schober posted about the watch online and another of Farrer’s customers, Frank Lucente, came forward to claim it.

Lucente claims he handed over the luxury item to Farrer, but it disappeared without a trace from his website.

The dealer is also the subject of at least two lawsuits. Artin Massihi has filed a lawsuit in Los Angeles County Superior Court, claiming Farrer stole his Audemars Piguet Royal Oak Offshore 44mm worth $40,000.

About the controversy swirling around his company, he said in the TikTok, “I tasted a little bit of success and never wanted to forget that feeling.

‘When I made stupid decisions, I wrote them off or I didn’t act on them, because if I tackled something that didn’t work then it was a failure and my ego was too big (…) I got used to this lifestyle’ .