Fugitive Convicted of Rincon Hill Mortgage Fraud Apprehended
FOR IMMEDIATE RELEASE
October 4, 2012
CONTACT: Stephanie Ong Stillman, DA Gascón’s Office, (415) 553-1167
ADA Alex Bastian, DA Gascón’s Office, (415) 553-1931
Defendant Jay Shah on the Run since Sept 20th Conviction
SAN FRANCISCO, CA – District Attorney George Gascón announced today that Jay Shah, age 48, was apprehended after being a fugitive of justice for over two weeks. He was convicted on Sept 20th, 2012.of 13 felony counts, including grand theft, money laundering, forgery, filing forged documents, and conspiracy
“As soon as we found out that the defendant was on the run, we worked collaboratively with SFPD and other state and federal agencies,” said District Attorney George Gascón. “We are thankful for the efforts of the SFPD, specifically Inspector Steger and Lt. Art Stellini, our DA Investigators, and Watsonville Police Department.”
On October 3, Jay Shah was apprehended at the Days Inn in Watsonville, CA and was immediately taken into custody. Shah was among 5 co-conspirators charged with a conspiracy involving the fraudulent transfer of a woman’s three condominiums at One Rincon Hill, illegal loans taken against that property, and money laundering. The involved conspiracy involved three San Francisco luxury condos valued at $5.5 million. The defendants fraudulently put the properties into a conspirator’s name, quickly took out loans against the properties, drained the properties of their equity and then laundered the proceeds through shell companies. When the victim checked with the city’s Assessor-Recorder, the deal was already done.
Shah was convicted of all charges and faces over 35 years in State Prison. He was out on $7.5 million dollars bail and now his bail is forfeited. Shah is currently in custody and will join his co-defendant Winston Lum soon for further criminal proceedings.
Shah’s next court date is November 8 in Dept. 19 at 10am to set a sentencing date. Assistant District Attorney Sandip Patel prosecuted this case. Inspector Steger of the San Francisco Police Department was the investigator on the case.