Ponzi Scheme
Anthony Farrer’s Alleged Ponzi Scheme[edit | edit source]
Anthony Farrer, also known as “The Timepiece Gentleman,” is a luxury watch dealer who gained notoriety for his alleged involvement in a Ponzi scheme. Farrer, the founder of the high-end consignment business “The Timepiece Gentleman,” was arrested by the FBI in November 2023[1].
Background[edit | edit source]
Anthony Farrer operated his business primarily through a consignment model, where clients would entrust him with their luxury watches to sell on their behalf. His business was based in Beverly Hills, California, and he was well-known in the luxury watch community.
Allegations[edit | edit source]
The allegations against Farrer involve a scheme that reportedly defrauded customers out of at least $5 million. According to the federal criminal complaint,[1] Farrer sold luxury watches that were consigned to him but failed to pay the proceeds to the original owners. Instead, he allegedly used the funds for personal expenses and to pay off earlier clients, a hallmark of a Ponzi scheme.
Confession Video[edit | edit source]
On August 2, 2023, Farrer posted a video to YouTube admitting to being $5,000,000 in debt and admitted to many of the allegations against him.[2]
https://www.youtube.com/watch?v=mKLFcjm83vY
Arrest and Charges[edit | edit source]
Farrer was arrested by FBI agents at a storage facility in Venice, California. He was charged with wire fraud, a serious felony that carries a maximum sentence of 20 years in federal prison. The charges were filed by the U.S. Attorney’s Office in the Central District of California.
Legal Proceedings[edit | edit source]
Following his arrest, Farrer made an initial court appearance where the charges were formally read.
On October 7, 2024, Farrer pleaded guilty to wire fraud and mail fraud. As part of the plea agreement, Farrer admitted that he "fraudulently obtained money and property belonging to over 40 victims, totaling losses to victims of at least $5,691,005." The court will need to accept the plea agreement.
Impact[edit | edit source]
The arrest and charges have sent shockwaves through the luxury watch community, where Farrer was a prominent figure. Many clients and collectors are now left questioning the security of their investments and the integrity of consignment-based businesses.