Floyd Mayweather Jr., American boxing legend and promoter, has accused a former close partner of masterminding a vast fraud operation that purportedly cost him $175 million.
According to a lawsuit obtained by TMZ Sports, Mayweather alleged that Jona Rechnitz spent years gaining his trust before eventually becoming his unofficial financial manager, real estate adviser and banking intermediary.
The retired boxer claimed Rechnitz allegedly drained his bank accounts, interfered in real estate transactions, sold off his jewellery and even made his private jet disappear as part of the alleged scheme.
Mayweather described the situation as a long-running betrayal by someone he had trusted with access to his finances and business dealings.
However, a source close to Rechnitz strongly denied the allegations, insisting that Mayweather’s financial difficulties predated their professional relationship.
The source claimed the boxer had been dealing with financial disputes, tax levies and liens since at least 2018, years before Rechnitz became involved in his affairs.
According to the source, Mayweather’s financial obligations and legal issues were longstanding and were not caused by Rechnitz.
In the lawsuit, Mayweather accused Rechnitz, alongside Ayal Frist, Frist Apex Ventures and attorney Alexander Seligson, of allegedly running a large-scale fraud scheme involving fake investments, unauthorised wire transfers and suspicious business entities used to divert millions of dollars.
Among the allegations, Mayweather claimed that jewellery worth about $100 million was handed over to Miami-based dealers in exchange for only around $13 million, with a significant portion of the collection allegedly still being held by the jewellers.
The lawsuit also reportedly included an alleged text exchange in which one jeweller threatened to begin selling Mayweather’s jewellery if outstanding payments were not made, to which Rechnitz allegedly responded, “Agreed thx.”
Mayweather further claimed he transferred $7.5 million into what he believed was a legitimate investment opportunity, only for the investment never to materialise and the funds to allegedly vanish.
He also alleged that another $15 million connected to a real estate settlement was moved out of his accounts without his authorisation.
According to the suit, the boxer unknowingly signed documents transferring ownership of his Gulfstream private jet with the buyer’s information allegedly left blank, and he claimed he still does not know what happened to the proceeds from the aircraft transaction.
Mayweather additionally accused Ayal Frist of falsely presenting himself as a senior executive at Vada Properties despite allegedly never occupying such positions.
The former world champion is seeking at least $175 million in damages, punitive compensation and a full financial accounting to determine where the allegedly missing funds went.
The lawsuit adds to a growing list of legal disputes involving Mayweather in recent years. The boxing star is also pursuing a separate lawsuit reportedly worth more than $340 million against Showtime Networks, accusing the broadcaster and longtime adviser Al Haymon of financial misconduct.
Meanwhile, the boxing icon has faced criticism online from some commentators who accused him of mismanaging his wealth over the years…
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