All three condos are at San Francisco's exclusive One Rincon Hill high-rise overlooking San Francisco Bay.
Prosecutors say the men illegally transferred the properties and then took out more than $2 million in loans on the properties.
Winston Lum and Melvin Emeric are being held on $7.5 million bail. Jay Shaw is being held on $10 million bail.
A fourth suspect, Kashaul Niroula is on trial for murder in Riverside County