Famed Beverly Hills Watch Dealer Admits $6M Fraud

A Beverly Hills watch dealer known as "The Timepiece Gentleman" is headed to prison after confessing to defrauding dozens of clients in recent years. 

According to an Oct. 11 statement from the Department of Justice, 36-year-old Anthony Farrer pleaded guilty to one count of wire fraud and one count of mail fraud in a court appearance today. The plea deal outlines how Farrer created a typical consignment business model but began taking money from some of his sellers. 

Farrer's job was...