Woman Pleads Guilty to Stealing $18M From Employer, Details of How She Spent It Emerge
- Lizbeth Guadalupe Sherman, 47, pleaded guilty to wire fraud after stealing nearly $18 million from her employer over a decade
- Sherman used her access to her employer's bank account to fund luxury handbags, Rolex watches, private jet travel, and a $2 million home
- Authorities recovered more than 1,500 luxury items from her El Dorado Hills residence, many still in their original packaging
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A former executive assistant from El Dorado Hills, California, has pleaded guilty to wire fraud after stealing nearly $18 million from her employer across a decade-long scheme, U.S. Attorney Eric Grant announced on 3 November 2026.
Lizbeth Guadalupe Sherman, 47, worked for a retired Bay Area venture capitalist and was entrusted with paying her employer's credit card bills and managing access to their bank account.
Source: Getty Images
Between September 2015 and May 2025, she exploited that access to settle her own credit card balances, diverting funds that she spent on designer goods, international travel, and home improvements.
A decade of lavish spending
Court documents detail tens of thousands of dollars spent on Louis Vuitton handbags, Christian Louboutin boots, Rolex watches, exotic fur accessories, premium wines, resort vacations, and private jet charters. Sherman also directed funds towards upgrades on her residence, valued at approximately $2 million.
At some point during the scheme, Sherman began reselling items purchased with stolen money on online platforms, effectively converting luxury goods into cash. Over a nine-month period in 2025 alone, she earned more than $450,000 through one such platform.
Search uncovers over 1,500 items
In December 2025, law enforcement executed a search warrant at Sherman's El Dorado Hills home. Investigators recovered more than 1,500 luxury items, the majority in mint condition and still in their original packaging with tags intact.
Inside a closet, agents found rows of Louis Vuitton handbags lining shelving, numerous pairs of Christian Louboutin boots, and a display case filled with handbags made from exotic furs. Rolex watches and premium bottles of wine were located elsewhere throughout the property.
IRS Criminal Investigation led the inquiry, with support from the Federal Bureau of Investigation and the U.S. Marshals Service Asset Forfeiture Programme. The case is being prosecuted by Assistant U.S. Attorneys Dhruv M. Sharma and Kevin C. Khasigian.
As part of her plea agreement, Sherman faces forfeiture and restitution to her former employer totalling nearly $18 million. She is scheduled to be sentenced by U.S. District Judge William B. Shubb on 22 March 2027 and faces a maximum statutory penalty of 20 years in prison and a $250,000 fine.
US captures 6 most-wanted fraudsters
Earlier, YEN.com.gh reported that six fugitives on the FBI's Most Wanted Fraudsters list had been apprehended following a coordinated international operation.
The FBI confirmed that the arrests resulted from sustained collaboration between the agency and law enforcement agencies across four continents.
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Source: YEN.com.gh
