"Timepiece Gentleman" Jailed for $5.7m Fraud

(IDEX Online) - A conman who sold Rolex, Richard Mille, Patek Phillipe and other luxury watches for clients, but failed to pass on almost $5.7m in proceeds, has been jailed for nearly six years.

Farrer, 36, formerly of downtown Los Angeles, USA, was sentenced last week after he admitted one count of wire fraud and one count of mail fraud last October.

"This defendant stole millions of dollars from customers who trusted him and then used his ill-gotten gains to fund his exorbitant lifestyle," said acting United States attorney Joseph T. McNally.

"The sentence imposed today sends a message that those who defraud the public will be held accountable."

Farrer, who called himself the Timepiece Gentleman and ran a business of the same name, sold high-end watches at his store on Rodeo Drive, Beverly Hills, and through online and social media marketing.

He was supposed to take a commission of around 5 per cent and pass on the rest, but instead he took the entire proceeds from the sale of watches belonging to 40 victims.

Farrer told clients their watches hadn't yet been sold, according to a statement by the U.S. Attorney's Office for the central district of California.

He used the proceeds to fund a lavish lifestyle, buying or leasing luxury automobiles - including a red Lamborghini and Ducati motorcycles - apartments, and other luxury goods.

Farrer was sentenced to 70 months in federal prison.

Pic from The Timepiece Gentleman's Facebook page.