‘Clock Gentleman’ Admits to Running a Ponzi-like Scheme
“The Watch Gentleman” pleaded guilty Thursday to defrauding dozens of customers out of at least $5.6 million through his luxury watch consignment business.
Anthony Farrar, 36, formerly of Downtown Los Angeles, admitted one count of wire fraud and one count of mail fraud. Farrar has been in federal custody since November 2023.
From November 2022 to November 2023, Farrar operated a consignment business under the name “The Timepiece Gentleman” out of a store in Beverly Hills, according to court documents. The business connected buyers and sellers of luxury watches, including brands such as Rolex, Richard Mille, and Patek Philippe. The customer shipped the watch to Farrar, who agreed to sell the watch and refund the proceeds less a 5% consignment fee. If the watch did not sell, Mr. Farrar was to return it to the customer.
Instead, Mr. Farrar kept the proceeds from the watches he sold and did not return unsold watches to their owners. He also used some of his customers’ watches as collateral for personal loans without the customers’ knowledge or consent. When the customer asked about the condition of the watch, Mr. Farrar lied and said the watch had not sold, even though he had already disposed of it for personal gain.
Mr. Farrar also received money from customers who asked him to purchase certain luxury watches on his behalf. However, instead of meeting those demands, he used the funds for personal expenses such as luxury cars, apartments, and other luxuries. In some cases, when customers requested updates on their purchases, Farrar mimicked the pyramid scheme and sent other customers’ watches. As reported in a previous article, he abandoned the store in August 2023, but was still advertising watches for sale on his website as of October 2023.
In total, Farrar defrauded more than 40 victims, causing losses of more than $5.6 million.
U.S. District Judge Josephine L. Staton has scheduled a sentencing hearing for January 31, 2025. Farrar could serve up to 20 years in federal prison for each fraud charge.
The FBI, IRS Criminal Investigation Division, and Beverly Hills Police Department investigated the case. Assistant U.S. Attorney Joshua O. Mauthner is prosecuting the case.
