Evergreen Reporter

A Los Angeles resident who operated a luxury watch consignment business in Beverly Hills has admitted to defrauding his customers out of more than $5.6 million. Anthony Farrer, 36, known as "The Timepiece Gentleman," entered a guilty plea to one count each of wire fraud and mail fraud. He has been held in federal custody since November 2023.

Farrer's plea agreement outlines that from November 2022 to November 2023, he used his business to facilitate transactions between buyers and sellers of high-end watches. Clients would send their watches to The Timepiece Gentleman for consignment sales, expecting Farrer to sell the items and return the proceeds minus a fee or return unsold watches.

Instead, Farrer sold the client watches and retained the money. He also used these watches as collateral for personal loans without informing clients. When questioned about the status of consigned watches, Farrer falsely claimed they were unsold while having already disposed of them.

Additionally, Farrer misled clients into believing he was purchasing specific watches on their behalf after receiving funds via wire transfers or payment processors like Zelle. Instead, he diverted this money for personal expenses such as luxury cars and apartments.

In some cases resembling a Ponzi scheme, when asked about watch purchases, Farrer would send different watches—belonging to other clients—to placate concerns.

Overall, more than 40 victims suffered losses totaling at least $5,691,005 due to Farrer's fraudulent activities. His sentencing is set for January 31, 2025, before United States District Judge Josephine L. Staton. Each charge carries a maximum sentence of 20 years in federal prison.

The case was investigated by the FBI, IRS Criminal Investigation, and the Beverly Hills Police Department. Assistant United States Attorney Joshua O. Mausner is handling prosecution duties.