Anthony Farrer, known as "The Timepiece Gentleman" from his high-end watch consignment business in Beverly Hills, has pled guilty to charges of wire fraud and mail fraud, the Department of Justice reported. Farrer, who operated out of downtown Los Angeles, admitted to defrauding his clients out of at least $5.6 million over the span of a year.
According to the U.S. Attorney's Office, Central District of California, from November 2022 to November 2023, Farrer's consignment deals typically involved clients sending luxury watches such as Rolex, Richard Mille, and Patek Phillipe to his store for sale. If sold, he was to send the proceeds back to the clients, less a consignment fee, however, instead of doing so, Farrer sold watches and kept the proceeds for himself. Furthermore, without the owners' consent, he used the watches as loan collateral.
When clients inquired about the watches they had consigned, Farrer lied, stating they had not been sold when in fact, he had already disposed of them. In a scheme also involving direct purchases, Farrer received funds from clients under the pretense of acquiring watches on their behalf but funneled their money towards his personal expenditures.
Farrer, presently in federal custody since November 2023, is facing a maximum sentence of 20 years per count during his sentencing on January 31, 2025, as detailed by the U.S. Attorney's Office, Central District of California. The FBI, IRS Criminal Investigation, and the Beverly Hills Police Department conducted the investigation leading to Farrer's guilty plea. Assistant United States Attorney Joshua O. Mausner of the Violent and Organized Crime Section is prosecuting the case, with the sentencing hearing set by United States District Judge Josephine L. Staton.
