A Beverly Hills man who oversaw a deluxe watch empire has admitted to cheating customers out of $5.6 million.
Anthony Farrer pleaded guilty to two counts of fraud and now faces up to 20 years in prison after conning dozens of clients out of their money and watches.
Known as the Timepiece Gentleman, Farrer was using his clients funds to operate a Ponzi-like scheme that ultimately affected more than 40 victims.
For the ruse to work, Farrer would allegedly take the watches customers had given him to sell, and would pass them on to other customers who had paid him to purchase timepieces on their behalf.
Anthony Farrer, better known as the Timepiece Gentleman , admitted to conning dozens of clients out of their money and watches, according to statement from the Department of Justice released on Friday
Farrer, who had a penchant for driving Lamborghinis and Ducati motorcycles, also admitted to using his customers money to bankroll his opulent lifestyle
By doing so, he was able to cultivate the appearance that he was conducting a lawful 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 customers money to bankroll his opulent lifestyle.
He was arrested in November 2023, after numerous allegations of theft surfaced.
Farrer was eventually charged with one count of mail fraud and one count of wire fraud.
Several clients also sued the watch seller, claiming that they had entrusted him with timepieces worth up to $100,000, which he then sold without them seeing a dime.
According to his guilty plea, the Timepiece Gentleman was using his clients funds to operate a Ponzi-like scheme that ultimately affected more than 40 victims=
Farrer, who once leased a $100,000 penthouse in LA, founded his business Gentleman Timepieces, in Texas in 2017, and opened his Beverly Hills stores in 2022.
On the surface, the operation seemed legitimate. Customers would give Farrer luxury watches like diamond-encrusted Rolexes and Patek Philippes to sell, and he would then collect a roughly five percent cut of its selling price.
But his clients became spooked when their watches started to disappear from the Timepiece Gentlemans website without any kind of explanation or payment.
According to the LA Times, the worried clients, along with online detectives and law enforcement, were then able to uncover Farrers Ponzi scheme.
Farrer took the clients’ money and used it for other purposes, including to fund his lavish lifestyle, Martin Estrada, U.S. attorney for the Central District of California, said in a statement.
On the surface, the operation seemed legitimate. Customers would give Farrer luxury watches like diamond-encrusted Rolexes and Patek Philippes to sell, and he would then collect a roughly five percent cut of its selling price
Farrer would use the money to purchase or lease expensive cars or apartments, Estrada elaborated
Farrer would use the money to purchase or lease expensive cars or apartments, Estrada stated.
And on other occasions, the luxury watch seller would use the valuable timepieces as collateral for loans - a fact that remained unknown to the watchs original owner.
When a client who had sent him money asked Farrer about the status of a watch purchase, Farrer often sent another watch to the client to tide the client over or lull them into a false sense of security regarding the status of the purchase, Estrada said.
The watch dealer originally built up a loyal customer base and social media following in a few years, largely thanks to his online videos which showed a behind the scenes look at the horology world, as well as his lavish lifestyle.
At one point, Farrer leased one of the most expensive penthouses in Los Angeles, 825 South Hill Street, a $100,000 a month, 11-bedroom apartment
Video posted online showed Farrer enjoying dinners at upmarket Dallas steakhouses or flexing Rolexes on his wrist in front of rows of supercars.
At one point, Farrer leased one of the most expensive penthouses in Los Angeles, 825 South Hill Street, a $100,000 a month, 11-bedroom apartment.
His Facebook page even indicated that he has dealt with watches worn by the likes of Kevin Hart and Mark Wahlberg.
Farrers success increased during Covid-19 when watch prices began to soar, but when they eventually cooled he was allegedly left around $3 million of stock which was depreciating every day
The Timepiece Gentleman abandoned the Beverly Hills store in August 2023 and began posting about his various travels throughout the U.S. on social media.
That same month, he released TikToks in which he seemed to confess to orchestrating a scheme.
He said: I’ve been digging myself this hole and it’s a $5 million hole. About $3 million of that debt is to two big clients of mine. One who acted as an investor and I used his money to fund my lifestyle.
Farrer is set to be sentenced on January 31.