A Beverly Hills man who ran a luxury watch empire has admitted defrauding customers of $5.6 million.
Anthony Farrer pleaded guilty to two counts of fraud and now faces up to 20 years in prison after cheating dozens of customers out of their money and watches.
Known as “the Timepiece Gentleman,” Farrer used his clients’ money to carry out a Ponzi-like scheme that ultimately affected more than 40 victims.
To make the ruse work, Farrer would take the watches that customers had given him to sell, and pass them on to other customers who had paid him to buy timepieces on their behalf.
Anthony Farrer, better known as “the Timepiece Gentleman,” admitted to cheating dozens of customers out of their money and watches, according to a Justice Department statement released Friday.
Farrer, who had a penchant for driving Lamborghinis and Ducati motorcycles, also admitted to using his clients’ money to fund his lavish lifestyle.
By doing this, he was able to cultivate the appearance that he was running a legitimate business, and his clients were lulled into a sense of false confidence.
Farrer, who had a penchant for driving Lamborghinis and Ducati motorcycles, also admitted to using his clients’ money to fund his lavish lifestyle.
He was arrested in November 2023 after numerous theft allegations came to light.
Farrer was ultimately charged with one count of mail fraud and one count of wire fraud.
Several customers also sued the watch seller, claiming they entrusted him with timepieces worth up to $100,000, which he then sold without them seeing a cent.
According to his guilty plea, “the Timepiece Gentleman” used his clients’ money to carry out a Ponzi-like scheme that ultimately affected more than 40 victims.
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.
At first glance, the operation seemed legitimate. Customers would give Farrer luxury watches such as diamond-encrusted Rolexes and Patek Philippes to sell, and he would then receive a discount of about five percent on the retail price.
But his customers were shocked when their watches disappeared from the Timepiece Gentleman website without any explanation or payment.
According to the LA timesThen the concerned customers, along with online investigators and law enforcement, were able to uncover Farrer’s Ponzi scheme.
“Farrer took the clients’ money and used it for other purposes, including to finance his lavish lifestyle,” Martin Estrada, the U.S. attorney for the Central District of California, said in a statement.
At first glance, the operation seemed legitimate. Customers would give Farrer luxury watches such as diamond-encrusted Rolexes and Patek Philippes to sell, and he would then take a discount of about five percent on the sales price.
Farrer would use the money to buy or lease expensive cars or apartments, Estrada explained
Farrer would use the money to buy or lease expensive cars or apartments, Estrada said.
And on other occasions, the luxury watch seller used the valuable timepieces as collateral for loans – a fact that remained unknown to the watch’s original owner.
‘When a customer who had sent him money asked Farrer about the status of a watch purchase, Farrer would often send another watch to the customer to convince the customer or give him a false sense of security about the status of the purchase, Estrada said.
The watch dealer built 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.
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.
A video posted online showed Farrer enjoying dinners at fancy steakhouses in Dallas or strapping Rolexes on his wrist in front of rows 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.
His Facebook page even stated that he had dealt with watches worn by the likes of Kevin Hart and Mark Wahlberg.
Farrer’s success increased during Covid-19 as watch prices began to rise, but when they eventually cooled, he was reportedly left with around $3 million in shares, which were declining in value every day.
‘The Timepiece Gentleman’ left the Beverly Hills store in August 2023 and began posting on social media about his various travels across the US.
That same month, he released TikToks in which he appeared to confess to orchestrating a scheme.
He said, ‘I dug myself this hole and it’s a $5 million hole. About $3 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.”
Farrer will be sentenced on January 31.