A California executive assistant pleaded guilty to federal wire fraud after stealing nearly $18 million from her employer over almost a decade. Lizbeth Guadalupe Sherman, 47, of El Dorado Hills, entered her plea to one count on Monday, Nov 2. Federal prosecutors said she used the money to pay personal credit card bills that included private jet travel, Rolex watches and designer handbags.
How the Nearly $18 Million Fraud Worked
Sherman began working for a retired San Francisco Bay Area venture capitalist in 2015. Her job included paying her employer’s credit card bills. To do that, she had access to the employer’s bank account. Court documents say she used that access to pay her own bills from September 2015 through May 2025.
Prosecutors said Sherman spent tens of thousands of dollars on luxury purchases and travel. Her spending included resort vacations, private jet trips, vehicles and improvements to a $2 million home in El Dorado Hills. She also bought Louis Vuitton handbags and Rolex watches.
Sherman later began listing designer goods for sale online. The resale business allowed her to turn purchases made with her employer’s money into cash. She earned more than $450,000 on a single resale platform over nine months in 2025, the US Attorney’s Office said.
Investigators Recover More Than 1,500 Luxury Items
Investigators searched Sherman’s home under a warrant in December 2025. Prosecutors said they recovered “more than 1,500 luxury items, most in mint condition with original packaging and tags intact, stored and displayed throughout the residence.”
Dozens of Louis Vuitton handbags lined the top shelf of one closet. Investigators also found several pairs of Christian Louboutin boots and a display case containing handbags made with exotic furs. Elsewhere in the home, they found more designer bags, Rolex watches and premium bottles of wine. The US Attorney’s Office released photographs of items investigators found during the search.
IRS Criminal Investigation led the case. The FBI and the US Marshals Service Asset Forfeiture Program assisted. Assistant US Attorneys Dhruv M. Sharma and Kevin C. Khasigian are prosecuting the case in the Eastern District of California.
Sherman Faces Sentencing in March 2027
Under the plea agreement, Sherman faces forfeiture and nearly $18 million in restitution to her former employer. US District Judge William B. Shubb is due to sentence her on March 22, 2027. The wire fraud count carries a statutory maximum of 20 years in prison and a $250,000 fine. The judge will determine the sentence after considering the federal sentencing guidelines and applicable statutory factors.
