A Beverly Hills man who oversaw a luxury watch empire has admitted to scamming customers out of $5.6 million.
Anthony Farrer pleaded guilty to two counts of fraud and now faces up to 20 years in prison after scamming dozens of customers out of their money and watches.
Known as “the Gentleman on the Watch,” Farrer was using his clients' funds to operate a Ponzi-type scheme that ultimately affected more than 40 victims.
For the ruse to work, Farrer would allegedly take the watches that customers gave him to sell and pass them on to other customers who paid him to buy watches on their behalf.
Anthony Farrer, better known as 'the Gentleman with the Watch,' admitted to scamming dozens of customers out of their money and watches, according to a Department of Justice statement released Friday.
Farrer, who had a penchant for driving Lamborghinis and Ducati motorcycles, also admitted using his clients' money to finance his opulent lifestyle.
In doing so, he managed to cultivate the appearance that he was conducting a legal business and his clients were lulled into a sense of false confidence.
Farrer, who had a penchant for driving Lamborghinis and Ducati motorcycles, also admitted using his clients' money to fund his opulent lifestyle.
He was arrested in November 2023 after numerous theft allegations surfaced.
Farrer was eventually charged with one count of mail fraud and one count of wire fraud.
Several customers also sued the watch salesman, claiming they had entrusted him with watches worth up to $100,000, which he sold without them seeing a penny.
According to his guilty plea, 'the Timepiece Gentleman' was using his clients' funds to operate a Ponzi-type scheme that affected over 40 victims =
Farrer, who previously rented a $100,000 penthouse in Los Angeles, founded his company Gentleman Timepieces in Texas in 2017 and opened its stores in Beverly Hills in 2022.
On the surface, the operation seemed legitimate. Customers would give Farrer luxury watches, such as diamond-encrusted Rolexes and Patek Philippes, to sell, and he would then receive a cut of about five percent of the sales price.
But his customers were alarmed when their watches started disappearing from the Timepiece Gentleman website without any kind of explanation or payment.
According to the LA Times, concerned customers, along with online detectives and law enforcement, were able to uncover Farrer's Ponzi scheme.
“Farrer took clients’ money and used it for other purposes, including to finance his lavish lifestyle,” Martin Estrada, U.S. Attorney for the Central District of California, said in a statement.
On the surface, the operation seemed legitimate. Customers would give Farrer luxury watches, such as diamond-encrusted Rolexes and Patek Philippes, to sell, and he would then receive a cut of about five percent of the sales price.
Farrer would use the money to buy or rent expensive cars or apartments, Estrada elaborated
Farrer would use the money to buy or rent expensive cars or apartments, Estrada said.
And on other occasions, the luxury watch seller used the valuable watches as collateral for loans – a fact that remained unknown to the watch's original owner.
“When a customer who sent him money would ask Farrer about the status of a watch purchase, Farrer would often send another watch to the customer to help him or lull him into a false sense of security regarding the status of the purchase,” Estrada he said.
The watch retailer originally built a loyal customer base and social media following within a few years, largely thanks to his online videos that gave a behind-the-scenes look at the world of watchmaking, as well as his luxurious lifestyle.
At one point, Farrer rented one of the most expensive penthouses in Los Angeles, 825 South Hill Street, an 11-bedroom apartment for $100,000 a month.
Video posted online showed Farrer dining at upscale Dallas steakhouses or flexing Rolexes on his wrist in front of rows of supercars.
At one point, Farrer rented one of the most expensive penthouses in Los Angeles, 825 South Hill Street, an 11-bedroom apartment for $100,000 a month.
His Facebook page even indicated that he has handled watches worn by the likes of Kevin Hart and Mark Wahlberg.
Farrer's success soared during Covid-19 when watch prices began to rise, but when they finally cooled, he reportedly left around $3 million in shares, which were depreciating by the day.
'The Timepiece Gentleman' abandoned the Beverly Hills store in August 2023 and began posting on social media about his various travels across the United States.
That same month, he released TikToks in which he appeared to confess to having orchestrated a scheme.
He said, 'I'm digging this hole and it's a $5 million hole. About $3 million of that debt is owed to two large clients of mine. Someone who acted as an investor and I used his money to finance my lifestyle.
Farrer is scheduled to be sentenced on January 31.
