In 2022, Anthony Farrer launched Gentlemen Timepieces in a quiet Beverly Hills location. The luxury watch consignment store traded in high-dollar timepieces. This past week, the store was discovered to be a front for an extensive scam, leading to Farrer's legal charges.
The United States Department of Justice reports that yesterday, Farrer faced wire fraud charges in a United States District Court. The allegations stem from a suspected Ponzi-style scheme, running from late 2022 through the summer of 2023. The fraudulent scheme may have resulted in about $3 million in victim losses.
The scam began to unravel as victims reported Farrer was not paying them for watches he sold for them on consignment, or failing to deliver purchased watches. A myriad of victims claimed large fund transfers for watches, but were not recompensed or given back their timepieces.
Subsequent investigations shed light on the details of Farrer's operations. Farrer, also known as "The Timepiece Gentleman," is believed to have swapped watches intended for purchase with different timepieces. One victim received a Rolex from Farrer to settle a debt; however, this Rolex was found to originate from another victim who consigned the watch.
Farrer successfully performed smaller transactions first to create a false sense of trust with his clients. The smooth dealings led to larger transactions that left many customers disappointed and financially damaged, a strategy similar to a traditional Ponzi scheme that relies on an increasing number of new investors.
Farrer's store was suddenly deserted by August 2023, leaving many clients seeking restitution. His extravagant lifestyle continued undeterred—with a luxury rental property, a Lamborghini, Ducati motorcycles, frequent trips, and gambling in Las Vegas. Even in October 2023, he posted watches for sale on social media.
Farrer's scam finally ended at a Venice storage facility on Tuesday, November 7.
The crime of wire fraud can lead to a possible 20-year sentence in federal prison. The formal court verdict is yet to be determined with the arraignment set for December 14, followed by a detention hearing the next day.
