Former boxing champion Floyd Mayweather Jr. has filed a lawsuit accusing a former associate of masterminding an alleged fraud scheme that reportedly cost him at least $175 million through unauthorised financial transactions, failed investments and disputed property deals.
According to court documents obtained by TMZ Sports, Mayweather claims businessman Jona Rechnitz spent years earning his trust before allegedly taking control of important financial matters, including banking arrangements, investment opportunities and real estate transactions.
The lawsuit alleges that Rechnitz, along with Ayal Frist, Frist Apex Ventures and attorney Alexander Seligson, operated a fraudulent network that diverted millions of dollars through fake investments, unauthorised wire transfers and suspicious corporate entities.
One of the central allegations involves approximately $100 million worth of jewellery that Mayweather claims was handed over to Miami-based jewellers in exchange for only about $13 million. The suit further alleges that much of the jewellery remains in the possession of the dealers.
Court filings reportedly include text messages in which one jeweller allegedly threatened to sell off Mayweather’s jewellery if payments were not made. According to the complaint, Rechnitz allegedly replied: “Agreed thx.”
Mayweather also claims he invested $7.5 million into what he believed was a legitimate business opportunity, but the deal never materialised and the funds disappeared. In addition, the former boxer alleges that another $15 million tied to a real estate settlement was transferred without his consent.
The lawsuit further states that Mayweather unknowingly signed documents transferring ownership of his Gulfstream private jet while the buyer’s details were allegedly left blank. He claims he still has no knowledge of where the proceeds from the aircraft sale went.
Mayweather also accuses Frist of falsely presenting himself as a senior executive at Vada Properties despite allegedly never holding such a position.
The boxing icon is seeking at least $175 million in damages, punitive compensation and a complete financial accounting of the allegedly missing funds.
