A Beverly Hills man who oversaw a luxury watch empire admitted to bilking his clients 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 with the clock,” Farrer was using his clients’ funds to operate a Ponzi-like scheme that ultimately affected more than 40 victims.
For the ruse to work, Farrer would allegedly take watches that customers had given him to sell and pass them on to other customers who had paid him to purchase watches on their behalf.
Anthony Farrer, better known as ‘The Watch Gentleman’, admitted to defrauding dozens of clients out of their money and watches, according to a Department of Justice statement released Friday.
Farrer, who had a penchant for riding Lamborghinis and Ducati motorcycles, also admitted to using his clients’ money to finance his opulent lifestyle.
By doing so, he was able 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 riding Lamborghinis and Ducati motorcycles, also admitted to using his clients’ money to finance his opulent lifestyle.
He was arrested in November 2023, after numerous theft allegations emerged.
Farrer was ultimately charged with one count of mail fraud and one count of wire fraud.
Several customers also sued the watch seller, alleging that they had entrusted him with watches worth up to $100,000, which he then sold without them seeing a cent.
According to his guilty plea, ‘The Clock Knight’ was using his clients’ funds to operate a Ponzi-type scheme that ultimately affected more than 40 victims.
Farrer, who once rented a $100,000 penthouse in Los Angeles, founded his company Gentleman Timepieces in Texas in 2017 and opened his stores in Beverly Hills in 2022.
On the surface, the operation seemed legitimate. Clients would give Farrer luxury watches like diamond-encrusted Rolex and Patek Philippes to sell, and he would then charge about five percent of their selling price.
But his customers were scared when their watches started disappearing from the Timepiece Gentleman website without any explanation or payment.
According to the Los Angeles TimesConcerned 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 Rolex and Patek Philippes to sell, and he would then receive a reduction of about five percent from their selling price.
Farrer would use the money to buy or lease expensive cars or apartments, Estrada explained.
Farrer would use the money to buy or lease expensive cars or apartments, Estrada said.
And on other occasions, the luxury watch seller used the valuable watches as collateral for loans, a fact unknown to the watch’s original owner.
“When a customer who had sent him money would ask Farrer about the status of a watch purchase, Farrer would often send him another watch to help him or lull him into a false sense of security regarding the status of the purchase,” Estrada saying.
Originally, the watch merchant built a loyal customer base and social media following within a few years, largely thanks to its online videos that showed a behind-the-scenes look at the world of watchmaking, as well as its luxurious style. life.
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.
A video posted online showed Farrer enjoying dinners at upscale Dallas steakhouses or displaying 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 that cost $100,000 a month.
His Facebook page even indicated that he has dealt with watches worn by the likes of Kevin Hart and Mark Wahlberg.
Farrer’s success increased during Covid-19 when watch prices began to skyrocket, but when they finally cooled off, he was reportedly left with around $3 million in stock that was depreciating every day.
‘The Timepiece Gentleman’ left the Beverly Hills store in August 2023 and began posting about his various travels across the United States on social media.
That same month, he posted TikToks in which he appeared to confess to orchestrating a plan.
He said, “I’ve been digging this hole and it’s a five million dollar hole.” About $3 million of that debt goes to two big clients of mine. One who acted as an investor and I used his money to fund my lifestyle.
Farrer will be sentenced on January 31.