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

A 47-year-old California woman pleaded guilty to defrauding her employer of nearly $18 million (approximately ₹170 million crowns) over 10 years, using the stolen money to finance an extravagant lifestyle that included luxury shopping, private jet travel and expensive home renovations.

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

The woman spent the money on designer handbags, Rolex watches, luxury vacations 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 a position as an executive assistant to a former San Francisco Bay Area venture capitalist.

As part of her duties, she gained access to her employer’s bank account to manage credit card payments. However, she gradually abused this access to divert large sums of money to her personal expenses.

Read also | ‘I’m the CEO’: Woman wins ₹2.7 million after being unfairly terminated by an organisation

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 to pay her own extravagant credit card expenses,” federal prosecutors said.

Louis Vuitton handbags, Rolex watches and private jet tours

The stolen money allowed Sherman to make expensive purchases and maintain a lavish lifestyle for years. Her expenses reportedly included designer Louis Vuitton handbags, luxury watches, expensive vacations and private jet travel.

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

“In doing so, Sherman spent tens of thousands of dollars on luxury handbags, Rolex watches, resort-level vacations, private jet travel, vehicles and $2 million in improvements to his El Dorado Hills residence.”

Read also | Employer gifts up to ₹15,000 now tax-free: Here’s what you need to know

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

“Sherman began reselling branded products she purchased with her employer’s money on online platforms, converting her credit card purchases into cash,” the report explains.

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

The police found over 1,500 luxury items in her home

The investigation took another turn in December 2025, when officers searched Sherman’s residence and recovered more than 1,500 luxury items.

Many of these items were said to be in excellent condition, with their original packaging and labels still intact.

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

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

Other designer bags were found in various parts of the property. Investigators also found expensive bottles of wine, Christian Louboutin shoes and several Rolex watches.

What punishment does Lizbeth Sherman face?

After pleading guilty to federal fraud charges, Sherman faces a maximum penalty of 20 years in federal prison and a fine of up to $250,000.

He is due to appear for sentencing in March 2027.