Female employee stole ₹170 crore from employer's account to fund luxury lifestyle

A 47-year-old woman in California has confessed to stealing nearly $18 million, which amounts to approximately ₹170 crore in Indian Rupees, by betraying her employer. According to a report by Mint, the woman had been using this amount for the past 10 years to fund her lavish lifestyle, expensive purchases, private jet travel, and home renovations.

Lisbeth Sherman, a resident of El Dorado Hills, has accepted charges of federal wire fraud. According to the US Attorney's Office for the Eastern District of California, Sherman pleaded guilty in court on Monday. She used the stolen funds to purchase designer handbags, Rolex watches, luxury holidays, and other high-value items.

The fraud began in 2015 when Sherman started working as an executive assistant to a retired venture capitalist in 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 began abusing this facility and diverted large sums for her personal expenses.

According to federal prosecutors, between September 2015 and May 2025, Sherman repeatedly transferred funds from her employer's account to pay her own credit card bills. Prosecutors stated, "Between September 2015 and May 2025, Sherman abused this access and stole approximately $18 million from her employer to pay for her own lavish credit card expenses."

With the stolen money, Sherman was able to live an extremely luxurious life for years. Her expenses included Louis Vuitton designer handbags, expensive watches, resort-level holidays, and private jet travel. Additionally, she spent large sums on purchasing vehicles and renovating her $2 million home in El Dorado Hills.

Over time, Sherman began selling some of the luxury items purchased with her employer's money through online marketplaces. In this way, she converted expensive items into cash. The release explained, "Sherman began reselling designer products purchased with her employer's money on online platforms, thereby turning credit card purchases into cash."

According to prosecutors, she earned approximately $4,50,000 through one such resale platform last year. A major turning point in the investigation came in December 2025 when law enforcement officers conducted a search operation at Sherman's residence. During this investigation, more than 1,500 luxury products were found at her home.

According to the evidence found, most of these items were in excellent condition and their original packaging and tags were still attached. Investigators discovered numerous Louis Vuitton handbags in one wardrobe, while another wardrobe contained a "display case of handbags made from exotic furs." More designer bags, expensive wine bottles, Christian Louboutin shoes, and several Rolex watches have been seized from different parts of the property.

After accepting the charges of federal wire fraud, Sherman could now face a maximum of 20 years in federal prison and a fine of up to $2,50,000. She is scheduled to appear in court in March 2027 for sentencing proceedings.