The Beverly Hills luxury watch dealer known as the “Timepiece Gentleman” was sentenced to nearly 6 years in federal prison for “swindling dozens of his customers” out of at least $5.6 million, the U.S. Department of Justice said in a news release.
Anthony Farrer, 36, a former resident of downtown Los Angeles, pleaded guilty to one count each of wire and mail fraud in October.
Between November 2022 and 2023, Farrer’s shop, which is also called “The Timepiece Gentleman,” marketed typical consignment sales for watches from Rolex, Richard Mille, Patek Philippe and other high-end brands.
Typically, such transactions would involve Farrer possessing and marketing watches by displaying them at his store and online, then taking a consignment fee from the sales, a figure prosecutors said is typically around 5%.
“But instead of remitting watch sales proceeds – or the unsold watches themselves – back to the clients, Farrer sold the client watches and kept the proceeds for himself,” the DOJ said. “He also used client watches – without the client’s knowledge or permission – as collateral for loans that he took out from lenders.”
Farrer then lied to clients and told them that their watches were still for sale. Alternatively, he sometimes took money from clients and told them he was looking for specific watches for them, though in reality, he “took the clients’ money and used it for other purposes, including to fund his lavish lifestyle such as buying or leasing luxury automobiles, apartments, and other luxury goods.”
When questioned, Farrer would send clients’ money and watches belonging to others “to tide the client over or lull them into a false sense of security regarding the status of the purchase.”
“Like a Ponzi scheme, the other watch Farrer sent to the client often belonged to other clients who had themselves sent him that watch for a consignment sale,” prosecutors said. “These clients were unaware Farrer was using their watches for that purpose, rather than attempting to sell the watches on behalf of the clients.”
“This defendant stole millions of dollars from customers who trusted him and then used his ill-gotten gains to fund his exorbitant lifestyle,” said acting United States Attorney Joseph T. McNally. “The sentence imposed today sends a message that those who defraud the public will be held accountable.”
“The so-called ‘Timepiece Gentleman’ was actually a con-man whose time living lavishly ran out when the high-end watch owners he victimized brought his crimes to the attention of law enforcement,” added Akil Davis, the assistant director in charge of the FBI’s Los Angeles Field Office.
In total, Farrer defrauded more than 40 people and caused losses of almost $5.7 million.
In addition to his prison sentence, Farrer will owe restitution, the exact amount of which will be determined later this year.
