I tried looking for a news story yesterday, but that was a little naive of me I think. Just throwing this out there...but they had to be making a lot (most) of their money elsewhere from reps.
Here's how I see it:
There are a few GREAT rep forums where folks like us become educated and really nit-pick the quality of reps. Beyond RWI, RG, RWG, RWG Jr., Wristcheck...there are probably a few more too. Then, there are only a certain percentage of members that are into Rolex (vs. Pam, for instance), and even fewer that are willing to pay a lot for one (as opposed to being happy with a Noob).
So we're not talking about a lot of people. Sure, it's a lot...but not A LOT, A LOT. Beyond the forums, I'm sure they had other sales channels, but they could not have been that big, or else the market would have been flooded with top quality reps, and Rolex would have a lot bigger problem on their hands than just chasing down Canal St. crap dealers.
Keep in mind that most sensible folks don't buy Lambos until they are "F you" rich, and this guy (if it WAS "George") was one of multiple partners.
I just think that the bulk of the money had to be coming in from somewhere. I was about to make a comment about $.5M in deposits being rather dubious, but I guess that's only about 1,000 watches, give or take.
The workings of the rep world are certainly interesting. This is a sad chapter if the younger Ku was "George."