Shady dealings on Rodeo Drive: Luxury watch salesman swindles customers out of $3 million, claims FBI
Anthony Farrer's opulent façade crumbled when the FBI apprehended him for deceiving customers of $3 million Once a purveyor of luxury watches on Rodeo Drive, his empire unraveled, as he confessed to leading a fraudulent life of excess and accumulating immense debts
Anthony Farrer lived a glamorous lifestyle that mirrored the opulence of the luxury wristwatches he sold in Beverly Hills. His consignment business, The Timepiece Gentleman, boasted a prestigious storefront on the renowned Rodeo Drive. Parked outside his extravagant rental in Santa Monica were his striking red Lamborghini and sleek Ducati motorcycles. A regular at the casinos, Anthony indulged in lavish gambling trips to Las Vegas, routinely spending substantial sums of money.
Farrer, aged 35, specialized in collecting high-end watches such as Patek Philippes and Rolexes, which he then sold to collectors. According to a federal criminal complaint obtained by CNN, his usual arrangement with clients involved earning a 5% commission on each sale.
From the perspective of his clients, Farrer's business seemed to be flourishing. He showcased watches valued at up to $430,000 on his social media platforms, captivating his 300,000 followers on Instagram and YouTube with his impressive collection.
However, everything came crashing down when FBI agents apprehended him last week on allegations of defrauding customers out of $3 million by selling their high-end timepieces and keeping the profits for himself. He now faces wire fraud charges for orchestrating what federal documents describe as a "Ponzi-style scheme involving luxury watches." This illegal activity took place between late last year and this summer.
According to the US Attorneys Office of the Central District of California, numerous victims reached out to law enforcement reporting that they had transferred funds to Farrer for watch purchases or sent him watches to sell on consignment, but never received payment or their timepieces back. In a statement, the office stated, "At present, it is estimated that the total losses incurred by the victims amount to approximately $3 million."
Farrers' attorney, Erica Choi, failed to respond to CNN's repeated requests for comment.
According to verified federal court records, Farrers' life began to unravel months prior to his apprehension. His luxurious lifestyle reportedly concealed his mounting financial struggles.
His watch business started in Dallas and moved to LA
In court documents, federal agents detailed Farrers downfall from luxury watch seller to alleged scammer.
Farrer established his watch business in Dallas in 2017 and expanded to a new branch in Los Angeles in 2022. The purpose of the new location, as mentioned in a federal statement, was to facilitate the connection between buyers and sellers of luxury timepieces.
Shortly after relocating to California, specifically around November 2022, the criminal complaint alleges that Farrer engaged in fraudulent activities. According to the complaint, he deceived customers by assuring them that he would sell their high-end watches and receive a commission. However, instead of fulfilling his promise and returning the proceeds to the customers, he dishonestly kept the money for himself.
"He would usually obtain a watch from an individual and secure their signature on a consignment agreement that specified his entitlement to a commission from the sale, typically amounting to 5%," the complaint stated.
Anthony Farrer shared images of watchesfor sale on his Instagram and other social media platforms.
From Anthony Farrer
Accused by growing numbers of customers on platforms like Reddit and YouTube, the luxury watch business owner faced allegations of misappropriating both watches and money from his clients. In August, law enforcement authorities visited Farrers store located in Beverly Hills, only to find that it had ceased operating. Notably, the store's doorbell camera had been forcefully removed and the building's security confirmed that no employees had reported to work for an entire week.
During that period, Farrer had been actively sharing his travels on social media, suggesting that he had visited multiple destinations including South Carolina, Colorado, Texas, and Florida, according to federal documents.
Investigators revealed that Farrer misappropriated customers' funds from watch sales and utilized the money to sustain his extravagant way of life. The complaint stated that certain purchasers would transfer money to him in order to secure particular luxury watches, only to never receive the desired timepiece or a refund. Court documents further noted instances where Farrer would send customers items that differed from their original requests.
According to court documents, a customer informed investigators that Farrer proposed repaying a debt with a Rolex watch. However, it was discovered that the Rolex actually belonged to another customer who had given it to Farrer for consignment purposes.
Investigators interviewed over 20 clients who had either sent Farrer money to purchase a watch or had sent him a watch to sell on their behalf. One alleged victim claimed to have consigned 75 watches to Farrer with a total value of approximately $3.2 million. Farrer proceeded to pay the customer only a small portion of the total amount, around $385,000, and used some of the watches as collateral for a loan of $300,000, as stated in the court documents.
He posted a video confessing to a fake lifestyle and millions in debt
Farrer shared his rise with his hundreds of thousands of followers on Instagram and YouTube.
In his luxurious Beverly Hills showroom, he displayed an array of watches, featuring Rolex, Swiss luxury timepieces, and other exquisite pieces. He also showcased these watches through stunning images on his website and shared captivating Instagram photos of his wrists adorned with these prestigious brands.
Through captivating reality-show style videos, he provided glimpses into his day-to-day life. This included engaging in high-value phone transactions with his esteemed clientele, as well as showcasing routine activities like his daily gym regimen and dining at upscale restaurants.
He also confessed to his troubled past, sharing details of his time spent behind bars and portraying himself as a flawed former convict who had turned his life around and achieved success in his profession. Records from the court, acquired by CNN, indicate that Farrer was incarcerated in 2015 for driving while intoxicated, and in 2008 for evading arrest in Texas.
As allegations about Farrer's deceit began to mount, he took to social media and admitted to some of his questionable practices. In August, he uploaded a video of himself in a kitchen, donning a tank top and baseball hat. In the footage, he offered a lengthy confession about his business failures, stating that he had become accustomed to a lavish lifestyle and had developed a gambling addiction, leading to substantial debt.
He asserted that he had a debt of approximately $5 million to customers, emphasizing that a significant portion of this amount was owed to just two clients.
"In the video, he admitted to struggling with personal challenges, succumbing to negative influences, and making numerous regrettable choices and foolish errors," he expressed.
Living this fake lifestyle, always putting on a facade of being smart and successful, just to keep up appearances, is suffocating me. The moment I experienced a taste of success, I became desperate to hold onto that feeling. Presently, the former luxury watch seller is being detained at a federal jail in Los Angeles, awaiting his arraignment in December, according to Ciaran McEvoy, a spokesperson for the US Attorneys Office, as stated by CNN.
If hes found guilty of wire fraud, Farrer faces a maximum sentence of 20 years in federal prison. Investigators are interviewing additional clients to determine the magnitude of the alleged scheme.
