Lizbeth Guadalupe Sherman, 47, of El Dorado Hills pleaded guilty to stealing nearly $18 million from her employer over almost 10 years.

Sherman entered her guilty plea Monday, Nov. 2, to one count of wire fraud, according to U.S. Attorney Eric Grant of the Eastern District of California. She worked as an executive assistant for a retired Bay Area venture capitalist, the Sacramento Bee reported.

The scheme lasted nearly a decade.

Sherman was responsible for paying her employer's credit card bills and had access to his bank account. Between September 2015 and May 2025, she used that access to divert nearly $18 million toward her own credit card expenses, according to court documents cited in the U.S. Attorney's announcement.

Federal prosecutors said the spending included luxury handbags, Rolex watches, resort vacations, private jet travel, vehicles and improvements to her El Dorado Hills home, valued at about $2 million.

Sherman also resold designer merchandise through online platforms, converting purchases into cash. She earned more than $450,000 on one platform during a nine-month stretch in 2025, according to court documents.

In May 2025, the employer confronted Sherman, though he believed only about $1 million had been taken, according to court filings cited by the Daily Mail. Sherman told him she had taken $989,000 and offered to repay it over three years, the filing stated. The actual total was nearly 18 times that figure.

When federal agents executed a search warrant at Sherman's El Dorado Hills home in December 2025, they recovered more than 1,500 luxury items, according to the U.S. Attorney's Office. Prosecutors said most were in mint condition with original packaging and tags still attached.

In a closet, investigators found dozens of Louis Vuitton handbags lining the top shelf, many pairs of Christian Louboutin boots and a display case full of handbags made from exotic furs, the U.S. Attorney's Office stated.

Under her plea agreement, Sherman must pay forfeiture and restitution to her employer totaling nearly $18 million.

IRS Criminal Investigation led the case with help from the FBI and the U.S. Marshals Service Asset Forfeiture Program. Assistant U.S. Attorneys Dhruv M. Sharma and Kevin C. Khasigian are prosecuting.

Sherman is scheduled to be sentenced by U.S. District Judge William B. Shubb on March 22, 2027. She faces a maximum penalty of 20 years in federal prison and a $250,000 fine.