₹170 crore theft over 10 years: Woman spends employer’s money on Rolex watches, private jets, luxury handbags

A 47-year-old woman in California has admitted to defrauding her employer of almost $18 million ( approximately ₹170 crore) over a period of 10 years, using the stolen money to finance an extravagant lifestyle involving luxury shopping, private jet journeys, and expensive home renovations.

Lizbeth Sherman, a resident of El Dorado Hills, pleaded guilty to federal wire fraud charges on Monday, according to the US Attorney’s Office for the Eastern District of California.

The woman spent the money on designer handbags, Rolex watches, luxury holidays and other high-value purchases.

How did Lizbeth Sherman steal nearly $18 million from her employer?

Sherman's alleged fraud began in 2015 when she took up a position as an executive assistant to a retired venture capitalist from the San Francisco Bay Area.

As part of her responsibilities, she was given access to her employer's bank account to manage credit card payments. However, she gradually misused this access to divert large sums of money towards her personal expenses.

Between September 2015 and May 2025, she repeatedly transferred funds to cover her own credit card bills, prosecutors said.

“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.

Louis Vuitton handbags, Rolex watches and private jet trips

The stolen money enabled Sherman to make expensive purchases and maintain a lavish lifestyle for years. Her spending reportedly included designer handbags from Louis Vuitton, luxury watches, expensive holidays and private jet journeys.

She also spent a substantial amount on vehicles and renovations to her $2 million home in El Dorado Hills.

“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.”

Over time, Sherman also began selling some of the luxury products she had purchased using her employer's money through online marketplaces. This allowed her to convert the expensive purchases into cash.

“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.

According to prosecutors, she earned approximately $450,000 through one such resale platform last year.

Police recover over 1,500 luxury items from her home

The investigation took another turn in December 2025, when law enforcement officials searched Sherman's residence and recovered more than 1,500 luxury products.

Many of these items were reportedly in excellent condition, with their original packaging and tags still intact.

“more than 1,500 luxury items, most in mint condition with original packaging and tags intact, stored and displayed throughout the residence.”

During the search, officers discovered several Louis Vuitton handbags in one wardrobe, while another contained a “display case full of handbags made of exotic furs”.

Additional designer bags were found in different parts of the property. Investigators also recovered expensive wine bottles, Christian Louboutin boots and several Rolex watches.

What punishment does Lizbeth Sherman face?

Following her guilty plea to federal wire fraud charges, Sherman faces a maximum sentence of 20 years in federal prison and a fine of up to $250,000.

She is scheduled to appear for sentencing in March 2027.

About the Author

Kanishka Singharia is a Senior Content Producer at Mint with a passion for news, trends, and the stories shaping the digital world. She specialises in spotting viral narratives by constantly tracking social media platforms and turning them into engaging, reader-friendly stories. Her work ranges from fast-paced breaking updates to sensitive human-interest features, blending speed with clarity. <br><br> With over four years of experience in news and trend reporting, Kanishka has worked with leading organisations such as Hindustan Times and Times Now. She moves seamlessly between profiling business leaders and telling the stories of everyday people, covering national developments just as effortlessly as the memes and conversations that dominate online culture. <br><br> She also reports on real estate developments and civic challenges in major urban hubs like Bengaluru, Delhi, and Gurugram. Her coverage frequently explores the struggles of startup founders, inspiring journeys of CEOs, and the experiences of candidates dealing with the complexities of visa processes. <br><br> Kanishka holds an undergraduate degree in Journalism from Delhi University and a diploma from the Indian Institute of Mass Communication. Rarely offline, she spends much of her time scrolling through X, LinkedIn, Reddit, Instagram, and Facebook in search of the next big story. When she finally logs off, she enjoys binge-watching shows and exploring cafes in pursuit of good food and better conversations.