A Bay Area executive assistant allegedly treated her boss’s bank account like a bottomless luxury shopping fund, blowing nearly $18 million on private jets, Rolex watches, designer handbags and lavish vacations over nearly a decade.
Lizbeth Guadalupe Sherman, 47, of El Dorado Hills, pleaded guilty Monday to federal wire fraud charges after admitting to a massive embezzlement scheme targeting a retired Bay Area venture capitalist, federal prosecutors announced.
Sherman had been entrusted with access to her employer’s bank accounts to pay routine credit card bills. Instead, prosecutors said, she systematically used the accounts to cover tens of thousands of dollars in her own personal credit card charges every month.
The spending spree, which stretched from September 2015 through May 2025, funded luxury resort getaways, private jet charters, high-end cars and extensive renovations to her $2 million El Dorado Hills home.
She also stocked up on designer loot, including Rolex timepieces, Christian Louboutin shoes and luxury handbags.
Beyond acquiring personal items, Sherman turned the fraud into an illicit merchandise enterprise. Investigators discovered that she began offloading stolen luxury purchases onto third-party resale platforms, flipping the fraudulently purchased items for cash.
On a single online marketplace, Sherman generated more than $450,000 in revenue over a nine-month period in 2025 alone.
Federal agents caught up with the scheme in December 2025, when law enforcement served a search warrant at Sherman’s residence.
Inside, agents uncovered an astonishing cache of more than 1,500 luxury items, many preserved in mint condition with original designer packaging and retail tags still attached.
A dedicated closet held rows of Louis Vuitton bags lining the shelves, dozens of Christian Louboutin boots, and a customized display cabinet packed with rare handbags fashioned from exotic furs. Investigators seized additional designer purses, high-end Rolex watches, and premium vintage wines from the home.
The investigation was led by IRS Criminal Investigation, with assistance from the FBI and the US Marshals Service Asset Forfeiture Program.
Under her plea agreement, Sherman must forfeit her ill-gotten gains and repay nearly $18 million to her former employer.
She faces up to 20 years in federal prison and a $250,000 fine.
Sherman is scheduled to be sentenced by US District Judge William B. Shubb on March 22, 2027.
