California assistant steals $18 million from millionaire boss over 10 years without him noticing

For nearly a decade, a California executive assistant had access to her wealthy employer’s bank account, a responsibility that allowed her to handle his credit card payments. But behind that arrangement, millions of dollars were being diverted to finance a lifestyle filled with designer handbags, expensive watches and luxury vacations. By the time federal investigators uncovered the full scale of the scheme, nearly $18 million had been stolen.

The woman behind the operation was Lizbeth Guadalupe Sherman, 47, of El Dorado Hills, who pleaded guilty to wire fraud on November 2, according to the U.S. Attorney’s Office for the Eastern District of California. Her employer was a retired venture capitalist from the San Francisco Bay Area who had entrusted her with managing credit card expenses and access to his bank account.

Between September 2015 and May 2025, Sherman used that access to pay off her own credit card bills with her employer’s money. The spending included luxury handbags, Rolex watches, vehicles, private jet travel, resort vacations and improvements to a residence valued at approximately $2 million. The scheme continued for nearly 10 years before federal authorities brought the case to court.

FBI investigation uncovers more than 1,500 luxury items

The extent of Sherman’s spending became even clearer in December 2025, when investigators searched her El Dorado Hills residence. According to FBI Sacramento and federal prosecutors, authorities recovered more than 1,500 luxury items, many still in their original packaging with price tags attached.

Inside the home, investigators discovered dozens of Louis Vuitton handbags, Christian Louboutin boots, designer accessories, Rolex watches and expensive bottles of wine. Authorities also found that Sherman had been reselling some of the merchandise purchased with stolen funds. During just nine months in 2025, she earned more than $450,000 through one online resale platform.

The investigation was conducted by IRS Criminal Investigation with assistance from the FBI and the U.S. Marshals Service Asset Forfeiture Program. As part of her guilty plea, Sherman faces forfeiture and restitution totaling nearly $18 million.

Sherman is scheduled to be sentenced on March 22, 2027, before U.S. District Judge William B. Shubb. She faces a maximum statutory penalty of 20 years in federal prison and a $250,000 fine, although her actual sentence will be determined by the court.

The case leaves a striking question about how financial trust can be exploited over such a long period. What began as access granted to handle routine expenses ultimately allowed an employee to divert millions of dollars into her own lifestyle, turning a position of confidence into one of the most extraordinary aspects of the fraud.