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I suspect it's real. It's all real. No proof, but this all looks, and has looked for some time, like Coach has been taking on 100 consignments, selling 20 of them, notifying none of the owners, and living on the proceeds.
When one of the 20 calls asking for an update? "No action yet, boss. Be patient."
When one of the 20 calls saying they want their watch back? "Oh.... you were on my list of people to call!!! It sold last night and I'll have the money to you soon...." Then he sells a few to pay off the guy who now knows his watch is gone.
If it's not a Ponzi - it looks 100% like a Ponzi.
He's going to go to prison - for several years, I suspect.
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