In Dallas, Texas, a deceptive individual who was once celebrated as the “Timepiece Gentleman” for his high-end watch consignment business is now confronting the consequence of his actions. Despite his charming persona and successful business ventures, this man concealed a sinister truth: he defrauded his unsuspecting clients of a staggering $5.6 million, leaving them with nothing while indulging in a lavish lifestyle. As a result, he now faces a potential prison sentence of nearly six years.
Anthony Farrer, aged 36, had been held in custody since November 2023 after admitting guilt to wire fraud and mail fraud charges. On Friday, he was sentenced to serve 70 months in prison. Under a court order, Farrer is also obligated to repay his victims, as stated by the U.S. Attorney’s Office for the Central District of California.
Lavish Life Funded by Deception
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“This defendant stole millions of dollars from customers who trusted him and then used his ill-gotten gains to fund his exorbitant lifestyle,” Acting U.S. Attorney Joseph T. McNally said in a statement.
“The sentence imposed today sends a message that those who defraud the public will be held accountable.”
In 2017, Farrer embarked on his path to notoriety by establishing his luxury watch consignment business in Dallas, Texas.
By 2022, his business had grown to include a renowned store on Rodeo Drive in Beverly Hills. Watch collectors flocked to his establishment, entrusting him with their prized timepieces from esteemed brands such as Rolex, Richard Mille, and Patek Philippe.
Under the agreed terms, sellers sent their luxury watches to his company, with the understanding that he would retain a 5% consignment fee from the sale proceeds and return the remaining amount to the seller.
Farrer was supposed to return the watch if it didn’t sell within a specified time or for a certain price. However, that’s not what actually occurred.
The Scheme Unraveled
Farrer deceitfully sold numerous consigned watches and kept the money for himself. Additionally, he unlawfully used watches as collateral for personal loans without obtaining the owners’ permission. In order to maintain the facade, he would deceive clients who asked about their watches, falsely stating that they had not yet been sold.
He continued his fraudulent practices by deceiving clients into thinking he would purchase luxury watches for them. However, instead of using the funds they transferred to him for the intended purpose, he diverted the money to support his lavish lifestyle. This included indulging in luxury cars, upscale apartments, and high-end goods.
In order to pacify concerned clients and buy himself more time, Farrer would often send them alternative watches when they inquired about the status of their purchases. Ironically, these replacement watches were often borrowed from other clients, effectively perpetuating a cycle of deception akin to that of a Ponzi scheme.
Millions Lost, Victims Left in the Dark
Farrer’s scheme victimized more than 40 individuals, resulting in a staggering loss of over $5.6 million. His deceitful tactics not only left customers feeling betrayed but also allowed him to reap the rewards of their investments.
The court will seek to recover some of the stolen funds through its order for restitution, but for many individuals, the impact extends beyond mere financial loss.
