(ConservativeJournal.org) – Despite both the distant past and near short term being full of examples of business-related scams being found out, some appear to never learn. The possibility of riches leads many to throw caution to the wind in their pursuit of financial glory regardless of the inherent risk to their own freedom and what it might cost others.
On November 7, authorities in the Los Angeles area arrested 35-year-old Anthony Farrer for what they said was his involvement in an ongoing luxury watch scam of sorts. The “Timepiece Gentleman,” as he was known professionally, has not been accused of trafficking in high-end counterfeit goods as many might expect to hear.
Farrer has instead been implicated in a scheme that allegedly involved the wristwatch proprietor selling items on consignment and failing to turn the proceeds over to their original owners. According to authorities, his role as middleman was supposed to have netted him a sales commission of around 5%.
Police in Beverly Hills said Farrer instead kept everything for himself and left his customers high and dry. The business he founded in 2017 in Texas yielded enough success that he chose to migrate to Southern California, where he opened a brick and mortar location in 2022 on the famed Rodeo Drive.
Within a less than a year, customers who claimed they had been jilted by the businessman began complaining to authorities. According to a number of reports that describe his efforts as “ponzi-like,” Farrer allegedly stole $3 million to fund his own luxurious lifestyle.
In addition to purchasing Lamborghinis and Ducatis, he was also said to have gone on frequent gambling excursions to Las Vegas. Because much of his business took place online, Farrer routinely transferred funds and watches across state lines.
Those state-to-state transfers led to a federal investigation. Agents with the FBI arrested Farrer at a storage facility in Venice just one day after he was charged with wire fraud.
Copyright 2023, ConservativeJournal.org
