Lizbeth Guadalupe Sherman, an executive assistant in California, has pleaded guilty to wire fraud for stealing approximately $18 million from her employer over nearly 10 years. Sherman, 47, of El Dorado Hills, managed her retired venture capitalist employer's credit card expenses, gaining access to their bank accounts.
According to court documents, Sherman began her scheme around September 2015. She created a false impression that she was paying her employer's expenses while, in reality, she was using the funds for her own credit card purchases without the victim's knowledge. The fraud involved $13.7 million from one of the victim's credit cards and $4.4 million from another.
The stolen money financed an extravagant lifestyle for Sherman, which included purchasing a $2 million home, exotic vacations, private jet travel, and millions in designer products. She also resold some of the luxury items online, making over $450,000 through one platform in nine months during 2025.
In May 2025, the victim confronted Sherman about the financial discrepancies. At that time, the victim believed only $1 million had been stolen. Sherman subsequently admitted to embezzling $989,000 and offered to repay the amount over three years with a low interest rate.
When law enforcement executed a search warrant at her residence in December 2025, they discovered more than 1,500 designer items, many in mint condition with original packaging. The collection included four Rolex watches, four Birkin bags, numerous Christian Louboutin shoes, and a large number of Louis Vuitton Vivienne dolls. Other recovered items included a Mercedes-Benz e-bike, a Louis Vuitton dining set, and a Montblanc pen monogrammed "Lizbeth."
On October 28, the U.S. State Attorney ordered some of Sherman's assets to be turned over to the state for credit against her restitution obligation. The four Birkin bags are among the assets slated for sale to help cover the $18 million restitution fee.
Sherman is scheduled to be sentenced on March 22, 2027. She faces a maximum of 20 years in prison, a $250,000 fine, and $18 million in restitution to her former employer.
