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LOS ANGELES — A luxury watch dealer pleaded guilty to defrauding customers of $5.6 million through a Ponzi-like scheme involving high-end timepieces.
Anthony Farrer, 36, known as "The Timepiece Gentleman," admitted to one count each of wire fraud and mail fraud in federal court. Farrer, who has been in custody since November 2023, operated a consignment business in Beverly Hills that connected buyers and sellers of luxury watches.
According to court documents, Farrer's scheme ran from November 2022 to November 2023. Clients shipped expensive watches from brands like Rolex, Richard Mille, and Patek Philippe to Farrer, who agreed to sell them for a 5% fee or return unsold items.
Instead, prosecutors say Farrer kept proceeds from sold watches and failed to return unsold ones. He also used clients' watches as collateral for personal loans without permission and lied about the status of consigned items.
The U.S. Attorney's Office reported that Farrer took money from clients to purchase specific luxury watches but used the funds for personal expenses, including luxury cars and apartments. When pressed for updates, he sometimes sent watches belonging to other clients.
Farrer's scheme affected more than 40 victims before he abandoned his store in August 2023. His website continued to advertise watches for sale as late as October 2023.
U.S. District Judge Josephine L. Staton scheduled sentencing for January 31, 2025. Farrer faces up to 20 years in federal prison for each fraud count.
The case was investigated by the FBI, IRS Criminal Investigation, and Beverly Hills Police Department. Assistant U.S. Attorney Joshua O. Mausner is prosecuting.
