The luxury watch market in Beverly Hills has been shaken by the recent sentencing of Anthony Farrer, the former owner of 'The Timepiece Gentleman,' who is now facing nearly six years in federal prison for his fraudulent actions. Farrer, who was known for connecting buyers and sellers of high-end watches, pleaded guilty last October to one count each of wire fraud and mail fraud, according to the U.S. Attorney's Office, Central District of California.
In a classic tale of deception and greed, Farrer abused the trust of over 40 victims, whom he scammed a collective $5.6 million by either selling and not remitting the proceeds back to the clients or taking their watches under the guise of selling them but instead used them as collateral for personal loans, as reported by the U.S. Attorney's Office, Central District of California.
Acting United States Attorney Joseph T. McNally said, "This defendant stole millions of dollars from customers who trusted him and then used his ill-gotten gains to fund his exorbitant lifestyle,” further asserting that his conviction is a warning to others who may attempt similar frauds, as stated by the U.S. Attorney's Office, Central District of California. Special Agent in Charge Tyler Hatcher of IRS Criminal Investigation in Los Angeles emphasized Farrer's betrayal, indicating that the punishment fits the crime as Farrer exploited his clients for extravagant personal expenditures.
Throughout the duration of his operation from November 2022 to November 2023 at 'The Timepiece Gentlemen,' Farrer not only preserved the facade of a successful consignor but also operated a Ponzi-esque scheme, sending clients other clients' watches to make it appear as if their investments were secure—an elaborate ruse which is now costing him 70 months in federal accommodations, as the press release from the U.S. Attorney's Office detailed. Victims of Farrer's schemes are due for restitution, with amounts to be determined at a later date.
The joint efforts of the FBI, IRS Criminal Investigation, and the Beverly Hills Police Department brought Farrer's crimes to light, ensuring that justice was served. Assistant U.S. Attorney Joshua O. Mausner of the Violent and Organized Crime Section prosecuted the case.
