Executive Assistant Pleads Guilty in $18M Theft
Lizbeth Guadalupe Sherman admitted to wire fraud after stealing nearly $18 million from her employer over a decade.
Updated on Nov. 2, 2026 in Financial Crime
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Lizbeth Guadalupe Sherman, 47, of El Dorado Hills, pleaded guilty to one count of wire fraud. She stole nearly $18 million from her employer, a retired Bay Area venture capitalist, between September 2015 and May 2025 while working as an executive assistant.
Why it matters
The case shows how access to an employer's bank account can be abused over a long period. Sherman is subject to forfeiture and restitution of nearly $18 million, with the sentence to be set by the court.
Sherman has pleaded guilty to one count of wire fraud and is scheduled to be sentenced by U.S. District Judge William B. Shubb on March 22, 2027. The statutory maximum is 20 years in prison and a $250,000 fine, with the actual sentence to be set by the court.
The players
Lizbeth Guadalupe Sherman
Sherman is the 47-year-old former executive assistant from El Dorado Hills who pleaded guilty to wire fraud in this case.
William B. Shubb
Shubb is the U.S. District Judge for the Eastern District of California who will sentence Sherman.
The details
Sherman was tasked with paying her employer's credit card expenses and used her access to the employer's bank account to pay off her own credit card debt. She also bought luxury handbags, Rolex watches, resort vacations, private jet travel, vehicles, and improvements to a $2 million residence, and resold designer products on online platforms.
Timeline
September 2015: Sherman's theft of employer funds begins.
May 2025: The theft ends.
December 2025: Law enforcement searches her residence and recovers more than 1,500 luxury items.
March 22, 2027: Scheduled sentencing before Judge William B. Shubb.
Legal Context
Wire fraud under federal law carries penalties of up to 20 years in prison and fines up to $250,000, the same framework applied here. Cases involving embezzlement by trusted employees with financial access are commonly charged under this statute in federal court.
The case underscores the importance of oversight over employees who control company bank accounts and expense payments. Businesses and individuals with financial assistants may benefit from reviewing access controls and regularly auditing payment activity.
The takeaway
Regular review of who can initiate payments and access bank accounts can help detect misuse early. Long-running thefts of this kind often go unnoticed until significant sums have been taken.
What happens next
Sherman is scheduled to be sentenced by U.S. District Judge William B. Shubb on March 22, 2027.
Further reading
For similar cases, see Financial Crime coverage across California.
Source note: This article includes information reported by The United States Department of Justice.
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