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California assistant steals $18 million from boss, spends it on Louis Vuitton bags, private jet trips
A California woman has pleaded guilty to stealing nearly $18 million from her employer over a decade to fund her lavish lifestyle.
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A California woman has pleaded guilty to stealing nearly $18 million from her employer over a decade to fund her lavish lifestyle. Lizbeth Sherman blew the money on private jet trips, designer handbags, Rolex watches and pricey house renovations, according to the US Attorney’s Office for the Eastern District of California.
The 47-year-old from El Dorado Hills pleaded guilty on Monday to federal wire fraud charges.
Bay Area assistant defrauds her employer
In 2015, Lizbeth Sherman started working as an executive assistant to a retired Bay Area venture capitalist. She had access to her employer’s bank account to pay their credit card bills.
Over the next 10 years, she systematically stole millions of dollars from the bank account to fund her own extravagant lifestyle. She used the money to pay her own credit card bills.
“Between September 2015 and May 2025, Sherman abused this access and stole nearly $18 million from her employer in order to pay off her own extravagant credit card expenses,” federal prosecutors said.
Where she spent the money
Sherman used her employer’s money to buy Louis Vuitton handbags and Rolex watches. Besides these high-end purchases, she also used the money for vacations and private jet trips.
“In this manner, Sherman spent tens of thousands of dollars on luxury handbags, Rolex watches, resort-level vacations, private jet travel, vehicles, and improvements to a $2 million residence in El Dorado Hills.”
At some point, she turned her fraud into a business by reselling her luxury buys. “Sherman began reselling designer products that she bought with the employer’s money on online platforms, thus converting her credit card purchases into cash,” the release explained.
She managed to earn $450,000 on one reselling platform last year.
In December 2025, law enforcement conducted a raid at her house and recovered “more than 1,500 luxury items, most in mint condition with original packaging and tags intact, stored and displayed throughout the residence.”
In one closet, officers found dozens of Louis Vuitton handbags. Another contained “display case full of handbags made of exotic furs”. More designer bags were found elsewhere in her house.
They also discovered several bottles of expensive wine, Christian Louboutin boots, and Rolex watches.
Sherman faces up to 20 years in federal prison and a $250,000 fine after pleading guilty. She is scheduled to be sentenced in March 2027.
