"Gentlemen Timepieces" Founder Convicted in $3 Million Ponzi Scheme

Anthony Farrer, also known as the Timepiece Gentleman, has been arrested by the FBI for allegedly defrauding customers out of at least $3 million while running a watch consignment business in Beverly Hills. Farrer promised customers that he would sell their luxury watches on consignment, taking only a 5 percent fee, but instead sold the watches to fund his lavish lifestyle, including driving a red Lamborghini and a Ducati motorcycle and frequent trips to Las Vegas to gamble. He is charged with wire fraud, which carries a maximum sentence of 20 years in federal prison. At least 20 victims have come forward, stating that they never received money from the sales of their watches or the watches they paid for. Farrer's arraignment is scheduled for December 14.