...seems that the watch has a problem with the hairspring on the balance wheel. If there is oil/dirt on the hairspring it may cause it to run way too fast. The hairspring could also be damaged/bent. Are you able to look at the hairspring: do you see any damage ( twisted/bent )?
You are able to regulate the speed/timing of the watch, but if it runs as fast as you mention, simply regulate it wont be sufficient.
If you were able to post a pic then that would be great - there are several others here that know this better than me.