- Watch salesman Anthony Farrer, 38, said he lives “on the façade” and lives beyond his means
- At least 8 clients accuse him of selling their watches and embezzling money.
- Admitted to using at least one investor’s money to finance a luxurious lifestyle.
A Beverly Hills luxury watch salesman has admitted to being millions of dollars in debt after selling a client’s watch and using the cash to finance his lavish lifestyle.
Anthony Farrer, known as ‘The Gentleman with the Watch’, has admitted running a Ponzi scheme that left him in a ‘$5 million hole’.
The 38-year-old is currently being sued after several customers said they gave him watches worth up to $100,000 each that were sold without them seeing a penny.
Now, in a confessional video posted to TikTok, Farrer, 38, who once rented a $100,000 penthouse in Los Angeles, said he was “wasting people’s money by living beyond his means.”
He added: “I dug this hole for myself and it costs five million dollars. TOAbout three million of this debt is owed to two of my large clients. Someone who acted as an investor and I used his money to fund my lifestyle.”
Farrer built his business by selling luxury watches, such as diamond-encrusted Rolexes and Patek Philippes, on consignment and receiving commissions.
In just a few years, he has built up a loyal customer base and social media following, thanks in large part to his online videos that provide a behind-the-scenes look at the world of watchmaking as well as his luxurious lifestyle.
One video posted online shows Farrer enjoying dinner at an upscale Dallas steakhouse. Another shows him bending a Rolex on a watch in front of a row of supercars.
At one point, Farrer rented one of the most expensive penthouses in Los Angeles, 825 South Hill Street, for $100,000 a month, an 11-bedroom apartment.
His Facebook page states that he has dealt with watches worn by the likes of Kevin Hart and Mark Wahlberg.
Farrer’s success increased during Covid-19 when watch prices began to skyrocket, but when they eventually fell, he was allegedly left with about $3 million in stock, the value of which was depreciating by the day, according to the LA Times.
He told the publication: “Almost overnight prices fell by 20 percent. I was still living in luxury, still going out and buying cars.”
But he added: “Nobody ever brought me a watch and I immediately sold it and then put the money in my pocket for my own use.”
However, several customers who consigned their watches to Farrer noted that they were not listed on his website and were not notified of the sale.
Among them is Liron Levy, 33, who allegedly lost about $350,000 after giving Farrer Rolex and Richard Mille watches.
Levy told the LA Times that he signed the purchase agreement but never received the money, and that Farrer admitted he no longer had it. Levy later saw a Rolex for sale on the website of another watch dealer in New York.
In one case, a client recorded Farrer promising to “rob Peter to pay Paul” after he told him he had not received money for his watch.
Bob Schober, 50, had previously bought and donated two watches from Farrer, including a Rolex, which he said he never saw again.
He said Farrer instead sent him a Rolex Sea-Dweller to try to cover the debt, but he became suspicious it belonged to someone else.
Schober posted information about the watch online, and another of Farrer’s clients, Frank Lucente, came forward to claim it.
Lucente claims he gave the luxury item to Farrer, but it disappeared from his website without a trace.
The dealer is also the subject of at least two lawsuits. Artin Massihi filed a lawsuit in Los Angeles County Superior Court alleging that Farrer stole his Audemars Piguet Royal Oak Offshore 44mm watch worth $40,000.
Massihi claims that just weeks after he handed over the item, Farrer admitted over the phone that he “sold the watch and kept all the funds for his own (personal) purposes,” according to the lawsuit.
Farrer is not currently facing any criminal charges, but is under investigation. He admitted that he used the proceeds from one sale to pay another buyer.
He has a previous conviction for drink driving, which resulted in him being jailed for a year. At one point, he advertised his services as a male massage therapist on a gay website.
His meteoric rise led to him finding his business in Dallas, Texas and then moving it to Los Angeles. However, it is known that he has since closed his Beverly Hills showroom due to controversy.
Addressing the controversy surrounding his business, he said on TikTok: “I had a small taste of success and never wanted to forget that feeling.
“When I made stupid decisions, I wrote them off or didn’t address them, because if I decided something that didn’t work, it was a failure and my ego was too big (…) I’m used to it Style life’.