It's actually very easy. A gray seller (or one of his runners) goes to an AD with a lot of cash, and pays MSRP + 50% (or so) for whatever SS models are available. AD swipes the warranty card, fills out a fake sales receipt for MSRP sold to Joe Sixpack, and then Joe puts the watches up on eBay, chrono24, etc. for 2x MSRP. When customers come in and complain about the empty Rolex SS displays at the AD, the owner makes sad comments about shortages, asks the customer to buy $40,000 worth of gold watches so he can get on a 5-year wait list, and then goes in the back and counts his cash.
Since gray sellers usually obscure dealer names and watch serials in online sales, it would be extremely difficult for Rolex to trace a particular eBay watch to Authorized Dealer ABC. And even if they did, the AD sale looks legit. And (IMO) Rolex doesn't care. They stop caring when the AD pays them for that month's shipment.
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