A Beverly Hills businessman known as the “Timepiece Gentleman” has been charged with wire fraud after allegedly defrauding customers out of approximately $3 million, according to federal prosecutors. Anthony Farrer, 35, was arrested by FBI agents at a storage facility in Venice. The charges stem from a federal criminal complaint that accuses Farrer of operating a Ponzi-like scheme through his luxury watch consignment store, "Gentlemen Timepieces," from late 2022 until this past summer.

Prosecutors allege that Farrer would collect luxury watches from sellers and have them sign consignment agreements, stating that he would take a 5% commission for reselling the watches. However, instead of returning the proceeds to the customers, he supposedly kept the money to fund his luxurious lifestyle. Court records further claim that Farrer would also have buyers wire funds for purchasing luxury watches, only to send them different watches than what was agreed upon.

The complaint reveals that one victim received a Rolex watch from Farrer, which actually belonged to another customer who had consigned it for sale. The victim had not authorized Farrer to use the watch as payment for debts owed to other victims. Multiple individuals reported to law enforcement that they had wired money or mailed watches to Farrer, but never received payment or their watches back.

Authorities estimate that the total losses suffered by victims amount to $3 million. The investigation is ongoing, and additional victims are still being identified. In August, Farrer abandoned his Beverly Hills store and began posting about his travels across the U.S. on social media. Even as recently as last month, he was reportedly advertising watches for sale on his social media platforms.

Farrer made his initial court appearance on Wednesday, and his arraignment is scheduled for December 14. If convicted on the wire fraud charge, he faces a maximum sentence of 20 years in federal prison. It is currently unclear if Farrer has retained legal representation. The luxurious lifestyle he allegedly funded with the fraud proceeds included living in a luxury rental property, driving a Lamborghini and Ducati motorcycles, and frequently gambling in Las Vegas.