Federal prosecutors charged the founder of Beverly Hill's 'Gentlemen Timepieces' for a Ponzi-type scheme.
Federal prosecutors charged the founder of a Beverly Hill's luxury watch consignment store for operating a Ponzi-type scheme, the Department of Justice announced Wednesday. The FBI arrested Anthony Farrer, known as 'The Timepiece Gentleman,' on Tuesday inside a storage facility in Venice and held him in custody until his initial appearance in court. There, authorities read him his charges: a count of wire fraud, which carries a maximum sentence of 20 years in federal prison.
Additionally, authorities claimed that Farrer would have his clients wire him money for luxury watches, but would not buy the desired piece. Instead, he would send them a different timepiece than what they requested. In one instance, Fareer allegedly sent a Rolex to one of the victims in lieu of money he owed. However, the watch belonged to another customer which Farrer was supposed to sell and not use to pay off his debts.
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