Editing Ponzi Scheme

== Anthony Farrer’s Alleged Ponzi Scheme ==
'''[[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<ref name=":0">https://www.justice.gov/usao-cdca/pr/founder-beverly-hills-gentlemen-timepieces-consignment-store-charged-conning-victims</ref>.

== Background ==
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 ==
The allegations against Farrer involve a scheme that reportedly defrauded customers out of at least $5 million. According to the federal criminal complaint,<ref name=":0" /> 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 ==
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.<ref>https://www.youtube.com/watch?v=mKLFcjm83vY</ref> 

https://www.youtube.com/watch?v=mKLFcjm83vY

== Arrest and Charges ==
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 ==
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, of which the federal government has jurisdiction.   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."  Prosecutors recommended 70 months of prison time as part of the plea deal.

On January 31, 2025, Farrer had his sentencing hearing in court where the judge accepted the above mentioned plea deal together with the prosecutor's proposal of 70 months in federal prison.<ref>https://www.justice.gov/usao-cdca/pr/former-owner-timepiece-gentleman-luxury-watch-consignment-store-beverly-hills</ref>   As of the day of the sentencing hearing, Farrer had already accumulated 14 months of time served while awaiting his legal process in federal jail.  Even after Farrer is eventually released from prison, he will still undergo three years of supervised release and be restricted to working jobs as a W2 employee only, from which a portion of his salary will go towards paying restitution to his victims.  He will be specifically prohibited from working as a self-employed person.       

== Impact ==
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.
----