Floyd Mayweather has filed a sweeping new lawsuit accusing former associate Jona Rechnitz and several business associates of orchestrating a years-long fraud scheme that allegedly cost the boxing legend more than $175 million.
According to ESPN, the lawsuit, filed in New York, claims Rechnitz — along with Florida-based investment firm Frist Apex Ventures, company executive Ayal Frist, and attorney Alexander Seligson — diverted money tied to Mayweather’s business ventures, real estate holdings, settlements, and luxury assets without authorization.
According to the filing, Rechnitz allegedly gained Floyd Mayweather’s trust over several years before steering large amounts of money into accounts connected to Frist Apex Ventures.
Mayweather’s attorney, Leo Jacobs, said the alleged conduct “demands a full judicial accounting” and that the legal team intends to recover “every dollar” allegedly owed to the former champion.
The complaint lays out a series of transactions that Mayweather claims were mishandled or redirected. Among them is a reported $7.5 million wire transfer tied to a 2024 one-year investment agreement that allegedly never materialized.
The lawsuit also claims more than $15 million from a separate settlement was rerouted at Rechnitz’s direction, while portions of refinancing loans tied to Mayweather properties in Las Vegas and elsewhere were allegedly sent to Frist Apex Ventures without authorization.
One of the more striking allegations involves nearly $100 million worth of Mayweather’s jewelry. According to the lawsuit, Rechnitz allegedly pledged the collection to Miami jewelers in exchange for approximately $13 million in financing. The filing claims much of the jewelry remains with the jewelers and that Mayweather never received a proper accounting of the transactions.
The suit also alleges that proceeds from the sale of Mayweather’s 1996 Gulfstream IV jet were diverted without his knowledge. According to the filing, the aircraft sale paperwork allegedly failed to identify a purchaser.
Rechnitz is no stranger to high-profile legal trouble. According to The New York Post, in 2018, he became a key cooperating witness in the federal corruption case involving former Correction Officers’ Benevolent Association president Norman Seabrook.
Rechnitz admitted to helping broker a bribery scheme involving hedge fund Platinum Partners and later had his prison sentence and restitution order overturned on appeal because of concerns involving the presiding judge’s relationship with a figure tied to the case.
The new lawsuit lands during an already turbulent stretch for Floyd Mayweather. The retired champion is currently facing multiple lawsuits and financial disputes, including a reported $7.3 million IRS tax lien, child support claims, alleged unpaid rent, and lawsuits involving luxury jewelry and chartered flights.
At the same time, Mayweather has remained active in boxing, with a Manny Pacquiao rematch scheduled for September and a delayed exhibition against Mike Tyson now expected later this year.
