STUPID STUFF FRAUDSTERS BUY: The $18 Million Shopping Addiction

California executive assistant steals nearly $18 million from her employer, filling her home with more than 1,500 luxury items, designer handbags, Rolex watches and enough expensive shoes to open her own department store.

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November 5, 2026 — Some people have a shopping problem. Others have a spending problem. And then there’s Lizbeth Guadalupe Sherman, who apparently decided that if you’re going to develop expensive tastes, it’s best to have someone else pick up the tab.

STUPID STUFF FRAUDSTERS BUY: The $18 Million Shopping Addiction

Unfortunately for Sherman, that someone else was her employer, and the tab eventually reached nearly $18 million.

The 47-year-old El Dorado Hills, California, woman pleaded guilty November 2 to one count of wire fraud after admitting to stealing nearly $18 million from a retired Bay Area venture capitalist over almost ten years.

According to the U.S. Department of Justice, Sherman worked as an executive assistant responsible for paying her employer’s credit card bills. She was given access to the employer’s bank account, a privilege she apparently interpreted as an invitation to finance a lifestyle most people only see on television.

Between September 2015 and May 2025, Sherman used her employer’s money to pay off her own credit card expenses, funding an extraordinary shopping spree that included designer handbags, Rolex watches, luxury vacations, private jet travel, vehicles and improvements to her $2 million residence.

And she apparently wasn’t much of a bargain shopper.

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A Closet That Could Rival a Luxury Department Store

When federal investigators searched Sherman’s El Dorado Hills home in December 2025, they discovered something considerably more impressive than an ordinary walk-in closet.

Authorities recovered more than 1,500 luxury items, most in mint condition, many still in their original packaging with the price tags attached.

Among the merchandise were dozens of Louis Vuitton handbags lining closet shelves, numerous pairs of Christian Louboutin boots, handbags made from exotic furs, Rolex watches and premium bottles of wine.

Apparently, one designer handbag simply wasn’t enough. Neither were two, three or a few dozen.

The photographs released by federal prosecutors resemble the inventory of an upscale boutique more than someone’s personal wardrobe.

And for someone who spent millions of dollars on luxury merchandise, Sherman apparently didn’t have time to use much of it.

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When Shopping Becomes a Side Hustle

Eventually, Sherman discovered another use for her employer’s money: buying expensive merchandise and reselling it online.

According to prosecutors, she began converting luxury purchases into cash through online resale platforms.

On just one platform, Sherman generated more than $450,000 in nine months during 2025.

That’s a pretty impressive side hustle when somebody else is paying for the inventory.

Unfortunately, there’s a small legal problem with that business model. When the merchandise is purchased with money stolen from your employer, the resulting proceeds aren’t exactly legitimate business income.

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The Shopping Spree Comes to an End

Sherman’s nearly decade-long spending spree ended with a federal investigation conducted by IRS Criminal Investigation, assisted by the FBI and the U.S. Marshals Service Asset Forfeiture Program.

As part of her guilty plea, Sherman is subject to forfeiture and restitution totaling nearly $18 million to her former employer.

She is scheduled for sentencing on March 22, 2027, before U.S. District Judge William B. Shubb.

She faces a maximum statutory sentence of 20 years in federal prison and a $250,000 fine, although her actual sentence will be determined by the court.

For nearly ten years, Sherman enjoyed designer clothes, luxury vacations, expensive watches and private jet travel, all financed by someone else’s bank account.

Now she faces the possibility of spending a considerable portion of the next two decades in a place where designer handbags, Rolex watches and Christian Louboutin boots aren’t particularly useful.

And unlike her previous accommodations, the government won’t be offering her a choice of luxury upgrades.

Source: U.S. Department of Justice, Eastern District of California — November 2, 2026