American boxing legend Floyd Mayweather Jr. has filed a lawsuit accusing a former close associate of orchestrating an alleged fraud scheme that reportedly cost him about $175 million.
According to court documents obtained by TMZ Sports, Mayweather alleged that businessman Jona Rechnitz spent years gaining his trust before eventually becoming deeply involved in his finances, property dealings, and banking arrangements.
The retired boxing champion claimed Rechnitz allegedly acted as an unofficial financial manager and adviser before carrying out a series of fraudulent activities involving his money and assets.
Mayweather accused Rechnitz, alongside Ayal Frist, Frist Apex Ventures, and attorney Alexander Seligson, of allegedly participating in a large-scale scheme involving fake investments, unauthorised wire transfers, and suspicious business entities used to divert millions of dollars.
Among the claims contained in the lawsuit, Mayweather alleged that jewellery valued at nearly $100 million was transferred to Miami-based dealers in exchange for only about $13 million, with much of the collection allegedly still being held by the jewellers.
He also claimed that $7.5 million was transferred into what he believed was a legitimate investment opportunity that never materialised, while another $15 million linked to a real estate settlement was allegedly moved from his accounts without approval.
The former world champion further alleged that ownership documents connected to his Gulfstream private jet were signed without complete buyer information, adding that he still does not know what became of 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 holding such positions.
The boxing promoter is seeking at least $175 million in damages, alongside punitive compensation and a full accounting of the allegedly missing funds.
However, a source close to Rechnitz denied the allegations, insisting that Mayweather’s financial issues existed long before their professional relationship began.
According to the source, the boxer had reportedly faced financial disputes, tax levies, and liens dating back several years prior to Rechnitz’s involvement.
The lawsuit has also sparked widespread reactions online, with some social media users criticising Mayweather’s spending habits and financial management, while others argued that alleged financial mismanagement does not rule out the possibility of fraud.
The legal battle adds to a growing list of disputes involving Mayweather in recent years, including another separate lawsuit reportedly worth over $340 million involving Showtime Networks and longtime adviser Al Haymon over alleged financial misconduct.