Dallas-based Timepiece Gentleman allegedly makes off with customer cash

An internet site, retailer, and YouTube group known as the Timepiece Gentleman has shut down after taking in $2,000 in money from tons of of collectors who have been promised entry to purchase Rolex watches at “wholesale” costs. The group’s SquareSpace web site is down and in response to WatchCollectingLifestyle the corporate’s Dallas workplace is shut and the gilt naming on the entrance window has been scratched away. The group allegedly additionally has a set of watches consigned by prospects who wished to promote by means of their service.

From WCL:

After turning into a social media sensation with greater than 40,000 followers on Instagram and over 110,000 subscribers on YouTube, this Dallas-based gray watch vendor appears to have vanished into skinny air with tens of millions of {dollars} in consignment stock in addition to the hard-earned cash from tons of if not a thousand of people that pitched in $2,000 USD every in alternate for having the ability to purchase watches at wholesale costs on the new Timepiece Gentleman retailer that was alleged to open after elevating $2 Million {dollars} through Instagram. Only 1,000 fortunate followers would be capable to turn into ‘companions’ of the empire the Timepiece Gentleman was constructing ‘at their traders dime.’

The firm’s MO was apparently to fake to have some huge cash and watches. In their YouTube movies they spend 1000’s of {dollars} on shitty meat as Salt Bae, placing Rolex on blast, and customarily making an attempt to imitate the success of different well-known ‘Tube bros just like the Paul brothers. Anthony Farrer, one of many founders, was a self-admitted felon who frolicked in jail and based mostly his whole enterprise on one watch sale. His in style Instagram web page is now MIA. All of their gross sales websites, together with a Chrono24 web page previously at https://www.chrono24.com/vendor/thetimepiecegentleman/index.htm, are additionally down.

The plan, at the very least in response to screenshots of their Instagram web page, suggests a cross between fairness crowdfunding and product subscription. Their objective was to boost $2 million for a brand new retailer by promoting $2,000 “VIP memberships” to a Facebook group that provides “authentication companies, value determinations, and watch deal pricing assist.” Basically it was alleged to be a flash sale and media arm for a watch retailer.

It’s unclear how many individuals jumped on the likelihood to pay $2,000 to belong to a Facebook however apparently it was sufficient (or not sufficient) to persuade the group to drag up stakes. The actual objective, as evidenced by their hour lengthy movies, was to create some kind of authentic content material about guys who promote watches. Since the YouTube website remains to be up it appears they succeeded however could have simply cancelled themselves to cut back potential litigation for the $2K rip-off. Time will inform.

What occurred?

In my opinion, this appears much less like an exit rip-off than a rug pull. The lads have been in over their heads, have been’t capable of promote sufficient subscriptions, and possibly closed their store to keep away from paying lease. Because there’s little “crime” right here — taking cash for crowdfunding alternatives shouldn’t be unlawful and there was no related fairness bought for the $2K membership — it seems just like the crew couldn’t increase sufficient and have been compelled to shut their doubtlessly costly store. This is pretty frequent crypto conduct by which a crew “retools” and relaunches.

If you misplaced money to those guys, drop me a line. I’d like to listen to about it. I’m [email protected] or @johnbiggs on Telegram and Twitter.

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