He sold luxury watches on Rodeo Drive. The FBI says he scammed customers out of $3 million

[mahatmakanejeeves]

He sold luxury watches on Rodeo Drive. The FBI says he scammed customers out of $3 million

https://amp.cnn.com/cnn/2023/11/15/us/anthony-farrer-timepiece-gentleman-fbi-arrest-cec/index.html

By Faith Karimi, CNN
Updated 7:45 PM EST, Wed November 15, 2023

Anthony Farrer owned a luxury watch consignment business, The Timepiece Gentleman, in Beverly Hills. He sold watches worth hundreds of thousands of dollars.

CNN — Anthony Farrer’s lifestyle was as flashy as the luxury wristwatches he sold in Beverly Hills. … His watch consignment business, The Timepiece Gentleman, had a storefront on the city’s fabled Rodeo Drive. His red Lamborghini and his Ducati motorcycles sat outside his lavish rental in Santa Monica. He made frequent gambling trips to Las Vegas, where he spent tens of thousands of dollars.

Farrer, 35, collected Patek Philippes, Rolexes and other pricey timepieces and sold them to collectors. The typical agreement with his clients netted him a 5% commission on every sale, according to a federal criminal complaint obtained by CNN. … Business was thriving, or so his clients thought. Farrer displayed watches worth up to $430,000 on social media, where his 300,000 followers on Instagram and YouTube marveled at his haul.

But it all came crashing down when FBI agents arrested him last week for allegedly scamming customers out of $3 million by selling their fancy watches and pocketing the proceeds. He’s facing charges of wire fraud in what federal documents describe as a “luxury watch Ponzi-type scheme” that occurred between late last year and this summer.

“Multiple victims contacted law enforcement to report that they wired funds to Farrer for the purchase of a watch, or mailed him a watch to consign for sale, but were never paid for the watch or never received their watch back,” the US Attorney’s Office of the Central District of California said in a statement. “To date, law enforcement estimates that victim losses currently total approximately $3 million.”

Farrer’s attorney, Erica Choi, did not respond to CNN’s requests for comment.

{snip}

[Wonder Why]

1. Makes me want to send thoughts and prayers to those who can afford (or waste money on) a Rolex or similar.

[rsdsharp]

3. I bought my Rolex 44 1/2 years ago. I still wear it everyday.

It was far from a waste of money.

[Bristlecone]

6. I've had my Yachtmaster since 2002.

It is worth now very near what paid for it then. I’ll give it to my son one day. I have found it to not a waste of money.

[rsdsharp]

7. I bought my first generation Explorer II for about $450.

It sells in the secondary market for $20,000 and up. I don’t plan to sell, but I’m satisfied with where my money went.

[beaglelover]

8. I bought my first and only Rolex in January 2023. It's a GMT Master II Pepsi on the Jubilee bracelet.

I'm 59 and owning this watch has been a life long dream ever since college. I've worked very hard my whole career and have done quite well. When I could finally afford one I bought it and am so happy that I did. Wearing it every day brings me much joy and happiness and I get a lot of compliments on it. Rolexes are definitely worth the investment.

[rsdsharp]

9. When I bought my Explorer II, it came down to that or the GMT Master.

Not the GMT Master II which didn’t yet exist. I went with the Explorer II because it was about $40 cheaper after my employee discount. It was 1979, I was working at the jewelry store as a salesperson, making $600/month, plus commissions — which were generally 1%. The Explorer was $525, and the GMT was $575; my discount was 20%. An 18kt yellow gold day-date was $8000. I think the stainless Daytona was about $650, and they didn’t really sell well. Now $30,000 is about average, if you can even find them. Times (and prices) have changed.

The Explorer II wasn’t popular when it was offered from 1971-1984, but that has driven prices up on the secondary market, not that I intend to sell.

[beaglelover]

10. My husband has an Explorer II. I think he bought it sometime in the 90s, maybe early 00s.

I think he paid around $4,000 for it back then. He was the one who finally convinced me to go ahead and get a Rolex as he knew how much enjoyment I would get from finally owning one. He was right.

[rsdsharp]

11. His is the second generation Explorer II (which sounds odd, but is true).

They are very nice watches, and look much more like a Rolex than mine does, and sell much better. The current new retail price on the Rolex site is $9650, and used prices start around $8000 and up from there, so he made a good purchase, in addition to Rolex just being a great watch to wear.

[Demovictory9]

2. Ex felon drug addict gambling addict gets his hands on a lot of $$$$ ...what can go wrong

[twodogsbarking]

4. There are no rodeos on Rodeo Drive. I have been there.

[k55f5r]

5. And it's never 40 below in California

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