Shah pleaded not guilty to federal charges of conspiracy to commit wire fraud and money laundering on Friday.
Shah was arrested last Tuesday on federal charges of conspiracy to commit wire fraud and money laundering in an alleged long-running telemarketing scam. During her arraignment on Friday, Shah pleaded not guilty to the charges. Stuart Smith, who has appeared on RHOSLC with Shah, was also indicted for the alleged scheme and has also pleaded not guilty.
"I'm waiting to see how it plays out," Cohen told a caller on Monday. "I have nothing to add to what we already know other than I certainly hope and pray that none of it is true."
On Friday, the judge ruled that Shah must sign a $1 million personal recognizance bond secured by $250,000 in cash or property and have the signatures of two "financially responsible persons" for her continued release. She is to have no contact with any co-defendants, victims, or witnesses except in the presence of council.
The New York Police Department is alleging that Shah and Smith have "hundreds" of victims in an alleged scam that ran for at least nine years, starting in 2012 and going on until March.
In a statement last Tuesday, Manhattan U.S. Attorney Audrey Strauss said, "Jennifer Shah, who portrays herself as a wealthy and successful business person on 'reality' television, and Stuart Smith, who is portrayed as Shah’s 'first assistant,' allegedly generated and sold 'lead lists' of innocent individuals for other members of their scheme to repeatedly scam. In actual reality and as alleged, the so-called business opportunities pushed on the victims by Shah, Smith, and their co-conspirators were just fraudulent schemes, motivated by greed, to steal victims’ money. Now, these defendants face time in prison for their alleged crimes."
Meanwhile, ET has learned that Shah's future on RHOSLC is uncertain as her criminal case unfolds, and production on the show has resumed without her. A source told ET that Shah was working on RHOSLC before she was arrested last Tuesday. The source said that the cast was on a bus about to leave for Vail, Colorado, when Shah received a phone call. After the call, the source claimed Shah announced her husband, Sharrieff Shah, was in the hospital and had to leave. According to the source, she was arrested minutes after leaving the bus. ET reached out to Shah's rep for comment on her husband's possible hospitalization.