Executive assistant admits to $18 million embezzlement scheme

Lizbeth Guadalupe Sherman, 47, of El Dorado Hills, entered a guilty plea Monday to federal wire fraud charges, according to prosecutors. Sherman, who worked as an executive assistant, was given access to her employer’s bank accounts to manage routine payments.

Instead, she allegedly used the accounts to cover her personal credit card expenses, often amounting to tens of thousands of dollars monthly. This spending spree occurred between September 2015 and May 2025 and included private jet travel, luxury vehicles, home renovations, and designer goods.

Sherman’s acquisitions extended to Rolex watches, Christian Louboutin shoes, and high-end handbags. She also reportedly resold some of the fraudulently obtained items on online marketplaces, generating over $450,000 in revenue during a nine-month period in 2025.

Law enforcement initiated the investigation in December 2025, executing a search warrant at Sherman’s residence. The search revealed a vast collection of over 1,500 luxury items, many still in their original packaging.

Items seized included Louis Vuitton bags, Christian Louboutin boots, rare handbags made from exotic furs, Rolex watches, and vintage wines. The investigation was conducted by IRS Criminal Investigation, with support from the FBI and the US Marshals Service Asset Forfeiture Program.

As part of her plea agreement, Sherman is required to forfeit her assets and repay approximately $18 million to her former employer. She could face up to 20 years in prison and a $250,000 fine. Sentencing is scheduled for March 22, 2027, before US District Judge William B. Shubb.