A lot of people these days get themselves scammed by being involved in some deals that they may not be aware are scams. Follow this article to learn more about Anthony Farrer, who reportedly scammed a lot of customers of a lot of money, reportedly up to about $3 million.
How was he able to do that? Where is he now? Kindly read this article to learn more about him and his schemes that led to him defrauding a lot of people with their hard-earned cash.
Anthony Farrer Arrested For Dupping Customers
Federal authorities stated that the Beverly Hills businessman dubbed the “Timepiece Gentleman,” who ran an upscale watch consignment boutique, was charged with wire fraud last week for defrauding clients out of an estimated $3 million.
The U.S. Attorney’s Office in the Central District of California released a news release on Tuesday, the day after Anthony Farrer, 35, was charged in a federal criminal complaint alleging he conned customers in a Ponzi-like scheme from late 2022 until this past summer. FBI agents then arrested Farrer at a storage facility in Venice.
In Texas, Farrer established “Gentlemen Timepieces,” his company, in 2017. In 2022, he plans to create a shop on Beverly Hills’ famous Rodeo Drive.
How Anthony Farrer Operated His Business
Prosecutors stated that after he purchased a high-end watch from a vendor, he had them sign a consignment agreement stipulating that he would get paid a commission for reselling it.
A commission of 5% was usual. The complaint claims that he kept the sales profits to finance his opulent lifestyle rather than returning them to the clients.
According to the complaint, Anthony Farrer had a Lamborghini and a Ducati motorcycle, resided in an opulent rental home, and regularly went to Las Vegas to gamble.
According to court documents, he also allegedly forced customers to wire money for the purchase of expensive timepieces, only to deliver them watches that were not what they had agreed to buy.
In one instance, Farrer gave a victim a Rolex watch in lieu of the money that Farrer was supposed to pay them. According to the complaint, Farrer was not authorized to utilize the Rolex as payment for his debts to other victims; rather, the watch belonged to another customer who provided it to him to sell on consignment.
Prosecutors stated in the news release that several people got in touch with the police to report that they had either mailed Farrer a watch to consign for sale or wired him money to buy one.
According to the release, they never received their watch back or were compensated. Law enforcement calculated that $3 million had been lost by victims overall.
Authorities are still identifying more victims as part of the continuing investigation.
Prosecutors stated that Anthony Farrer closed the Beverly Hills business in August and started sharing on social media his travelogues across the country.
The accusation states that he continued to promote timepieces for sale on his social media accounts as recently as last month.
On Wednesday, Farrer appeared in court for the first time. The date of his arraignment is set for December 14.
On Friday, it was unclear right away if Farrer was represented by counsel. If he is found guilty of the wire fraud charge, he could receive a maximum term of 20 years in federal prison.
Who is Anthony Farrer?
Anthony Farrer is a Beverly Hills businessman and the owner of “Timepiece Gentleman.” He is accused of duping customers out of an estimated $3 million.
Anthony Farrer is reportedly 35 years old.