on consignment

Spencer struck a deal for 10,000 square feet and agreed to sell some Designers View items on consignment.

He pleaded guilty to two counts of fraud for using clients’ funds to finance his lavish lifestyle and running a Ponzi-like scheme, taking timepieces that clients had asked him to sell on consignment and giving them to other customers who’d paid him to buy watches for them, prosecutors said.

Nubia Reyes and Grecia Galecio had taken strawberries on consignment from a nearby broker and needed to sell them.

The businessman collected the luxury watches from customers, promising them that he would sell the watches on consignment and take no more than a 5 percent fee, the authorities said.

Between 2016 and 2019, he sold the goods on consignment to Doyle Auction House on the Upper East Side, they said, adding that they are still working to locate some of the pieces that were sold.