Texas Conman Busted for $5 MILLION Luxury Watch Ponzi Scheme—Now He’s Going to Jail!
A luxury watch dealer known as the “Timepiece Gentleman” faces prison for swindling clients in a multi-million-dollar consignment scam. 🌐 #News #DallasTX #Texas #Crime
DALLAS, TX – A Texas conman who built a reputation as the “Timepiece Gentleman,” known for his luxurious watch consignment business, is now facing nearly six years in federal prison. His charm and business ventures masked a dark secret—he swindled over $5.6 million from unsuspecting clients, funding his lavish lifestyle while victims were left empty-handed.
Anthony Farrer, 36, had been in custody since November 2023 after pleading guilty to one count of wire fraud and one count of mail fraud. His sentencing on Friday brought him 70 months in prison, and he is now under a court order to repay his victims, according to the U.S. Attorney’s Office for the Central District of California.
Lavish Life Funded by Deception
“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.”
Farrer’s journey to infamy began when he launched his luxury watch consignment business in Dallas, Texas in 2017.
His business expanded to a prestigious Rodeo Drive store in Beverly Hills by 2022, attracting watch collectors who entrusted him with prized pieces from brands like Rolex, Richard Mille, and Patek Philippe.
Sellers shipped their high-end timepieces to his business under agreements that, once sold, he would keep a 5% consignment fee and send the rest of the earnings back to the seller.
In cases where the watch didn’t sell within a specified time or for a certain price, Farrer was expected to return it. But that’s not what happened.
The Scheme Unraveled
Farrer sold many of the consigned watches and pocketed the proceeds. He also used watches—without their owners’ consent—as collateral for personal loans. To maintain the illusion, he lied to clients who inquired about their watches, claiming they hadn’t been sold yet.
His fraudulent practices didn’t stop there. He offered to buy luxury watches on behalf of clients who transferred him funds for the purchase. Instead, he used the money to finance his extravagant lifestyle, splurging on luxury cars, upscale apartments, and high-end goods.
When clients started questioning the status of their watch purchases, Farrer often sent them a different watch to buy time and keep them calm. Many of these substitute watches belonged to other clients, creating a cycle of deceit similar to a Ponzi scheme.
Millions Lost, Victims Left in the Dark
More than 40 victims fell prey to Farrer’s scheme, with losses totaling over $5.6 million. His fraudulent tactics left customers betrayed, while he enjoyed the perks of their investments.
The court’s order for restitution will aim to recover some of the stolen funds, but for many, the damage may go beyond financial loss.
RELATED TOPICS: California | Crime | Scams | Texas
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