A California woman has pleaded guilty to stealing nearly $18 million from her employer over a decade to fund her lavish lifestyle.
Lizbeth Sherman blew the money on private jet trips, designer handbags, Rolex watches and pricey house renovations, according to the US Attorney’s Office for the Eastern District of California.
She had access to her employer’s bank account to pay their credit card bills. In 2015, Lizbeth Sherman started working as an executive assistant to a retired Bay Area venture capitalist.
Over the next 10 years, she systematically stole millions of dollars from the bank account to fund her own extravagant lifestyle. She used the money to pay her own credit card bills. At some point, she turned her fraud into a business by reselling her luxury buys.
“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.
