Anthony Farrer, the man who styled himself “The Timepiece Gentleman” and built a reputation dealing in high-end watches, is now facing federal fraud charges. The FBI arrested Farrer this week, alleging he ran a classic Ponzi scheme through his consignment store, ‘Gentlemen Timepieces,’ leaving a trail of shattered trust and roughly $3 million in losses.
Farrer founded ‘Gentlemen Timepieces’ in 2017, initially operating in Texas before expanding with a flashy Beverly Hills location in 2022. The business model was simple: buy, sell, and consign luxury watches, taking a commission on each transaction. But according to federal prosecutors, the veneer of legitimacy hid a calculated deception. Starting in late 2022, Farrer allegedly stopped selling watches on behalf of his clients, instead pocketing the funds wired to him for purchases or the value of consigned timepieces.
Farrer was taken into custody at a Venice storage facility and charged with wire fraud, a federal felony. A conviction could land him up to 20 years behind bars. He made his initial appearance in U.S. District Court, and a detention hearing is scheduled for Thursday. Prosecutors are arguing for his continued detention, citing the scale of the fraud and the potential for him to flee.
The scheme worked by luring in early investors with legitimate transactions, creating the illusion of a successful business. Farrer reportedly used these initial successes to build confidence and then solicit larger investments. Victims wired him funds for watches he never delivered, or shipped him their own valuable timepieces for consignment, only to be met with silence or empty promises. The feds say he used the stolen money to pay off earlier victims – the hallmark of a Ponzi scheme – and fund a lavish lifestyle.
That lifestyle, detailed in the complaint, paints a picture of brazen extravagance. Farrer allegedly resided in a luxury rental, cruised around in a Lamborghini and Ducati motorcycles, and regularly gambled in Las Vegas. These details aren’t just salacious; they suggest a deliberate flaunting of ill-gotten gains, fueling speculation that the scheme was far more extensive than initially believed. Investigators are meticulously tracing financial records to determine the full scope of the fraud and identify all affected parties.
Victims began reporting their losses to authorities months ago, detailing wired funds and missing watches. The FBI, IRS Criminal Investigation, and Beverly Hills Police Department have joined forces in the investigation, working to untangle the web of transactions and locate any remaining assets. The investigation is ongoing, and authorities are actively seeking anyone else who may have been defrauded by Farrer.
Adding insult to injury, Farrer seemingly abandoned the Beverly Hills store in August 2023, but didn’t disappear entirely. He continued to post on social media about his travels across the country, and, shockingly, even advertised watches for sale as recently as October – despite knowing he had no inventory and wasn’t fulfilling orders. This brazen behavior underscores his disregard for the victims and the law.
The case serves as a stark reminder of the risks inherent in high-end luxury transactions. Federal prosecutors urge anyone who believes they may have been a victim of Farrer’s scheme to contact the FBI or their local law enforcement agency. The pursuit of justice is underway, but recovering the lost funds will be a long and arduous process.
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- Category: White Collar
- Source: U.S. Department of Justice
- Keywords: fraud, ponzi scheme, luxury watches
Source: U.S. Department of Justice
Key Facts
- State: Texas
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release
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