Los Angeles man pleads guilty to $5.6 million luxury watch fraud

LOS ANGELES, California — A Los Angeles man known as "The Timepiece Gentleman" has admitted to defrauding customers of at least $5.6 million through his luxury watch consignment business. Anthony Farrer, 36, formerly of downtown Los Angeles, pleaded guilty to wire fraud and mail fraud charges.

Farrer operated a business called "The Timepiece Gentleman," connecting buyers and sellers of high-end watches, including brands like Rolex, Richard Mille, and Patek Phillipe, according to a press release from the United States Attorney's Office. Clients would send their watches to Farrer, who promised to sell them and remit the proceeds, minus a consignment fee. However, Farrer kept the sales proceeds and used the watches as collateral for loans without the clients' knowledge.

In addition to the consignment scheme, Farrer purported to purchase watches on behalf of clients but instead used their funds for personal expenses, including luxury cars and apartments. He often sent other clients' watches to those inquiring about their purchases, similar to a Ponzi scheme, stated the press release.

Farrer's fraudulent activities affected more than 40 victims, resulting in losses exceeding $5.6 million. He has been in federal custody since November 2023. United States District Judge Josephine L. Staton has scheduled a sentencing hearing for January 31, 2025, where Farrer faces up to 20 years in federal prison for each count.

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