A Bay Area woman pled guilty to stealing nearly $18 million from her employer, which she spent on Rolex watches, private jet travel, cars and designer handbags over 10 years.
Lizbeth Guadalupe Sherman, of El Dorado Hills, California, pled guilty to one count of wire fraud, the US Attorney's Office announced Monday.
The 47-year-old worked as an executive assistant for a retired Bay Area venture capitalist whose name was redacted from court filings.
One of Sherman's executive assistant duties was to handle the victim's credit card expenses, which required her to have access to the victim's bank account, according to court documents.
Sherman began her fraudulent scheme around September 2015, and went undetected for almost ten years, during which she stole nearly $18 million from her employer.
She 'created the false pretense' that she was paying the victim's expenses, when in reality she was using the money to pay off her own credit card purchases without the victim's knowledge, according to court filings.
Through this method, Sherman stole $13.7 million from one of the victim's credit cards and $4.4 million from another card he had with a different bank.
Sherman used the money to finance a lifestyle that included 'a $2 million house, exotic vacations, private jet travel, and millions spent on designer products,' court records stated.
Lizbeth Guadalupe Sherman pled guilty to one count of wire fraud for stealing almost $18 million from her retired employer
Sherman spent the funds she stole from her employer on her $2million home in El Dorado Hills, California
Law enforcement found hundreds of Louis Vuitton items at Sherman's home when a search warrant was executed at her residence in December 2025
Sherman spent the money she defrauded from her employer on hundreds of luxury designer items
At a certain point, Sherman began reselling the designer items she bought with the stolen money on online platforms, turning them into cash, the USAO revealed.
She made more than $450,000 through reselling on one platform alone, over the course of nine months in 2025.
In May 2025, the victim confronted Sherman, although he was under the impression that only $1,000,000 was taken from him, court documents stated.
Sherman admitted to embezzling an amount of $989,000, which is an arbitrary number she came up with after the victim asked her to calculate the amount stolen and draft a promissory note.
Sherman told the victim she will repay the 'loan' of $989,000 over three years at a 1.43 percent interest rate, according to court filings.
When law enforcement executed a search warrant at her house in December 2025, they found more than 1,500 designer items 'in mint condition with original package and tags in tact, stored and displayed throughout the residence,' the USAO wrote.
Among them were four different Rolex watches, four different Birkin bags, a full assembly of Christian Louboutin red-bottomed heels, and a small army of Louis Vuitton Vivienne wooden dolls, which retail for more than $3,000 each.
Law enforcement detailed the individual items recovered from Sherman's collection, with Louis Vuitton and Yves Saint Laurent having their own extensive sections in the court filings.
The rest of the items largely belonged to Dior, Chanel, Gucci and Hermes, with occasional appearances from Givenchy, Alaia and Prada.
Court filings included extensive details of more than 1,500 luxury items which were recovered from Sherman's home
Four different Rolex watches were seized from Sherman's house in December 2025
In addition to clothes and handbags, law enforcement recovered a significant number of miscellaneous items such as a wine collection, bag charms, and a Mercedes Benz e-bike
Among the miscellaneous purchases recovered were a Mercedes-Benz e-bike, a Louis Vuitton dining set and a Montblanc rollerball pen monogrammed 'Lizbeth.'
October 28, the US State Attorney ordered for a certain number of Sherman's assets to be turned over to the state, the credit of which will be turned over to the Clerk of the Court 'for credit against the defendant's restitution obligation.'
Among the assets which will be sold to help cover the $18 million restitution fee were the four aforementioned Birkin bags.
Sherman is scheduled to be sentenced in court on March 22, 2027. She faces a maximum of 20 years in jail and a $250,000 fine, as well as an $18 million restitution to her employer.
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