Floyd Mayweather Jr. has filed a lawsuit alleging that a former close associate orchestrated a massive fraud scheme that cost him at least $175 million through unauthorised financial dealings, missing investments and disputed property transactions.
According to court documents obtained by TMZ Sports, Mayweather claims businessman Jona Rechnitz spent years building trust with him before allegedly taking control of key financial matters, including banking arrangements, investment deals and real estate transactions.
The former world champion alleges Rechnitz, alongside Ayal Frist, Frist Apex Ventures and attorney Alexander Seligson, operated a fraudulent network that redirected millions of dollars through fake investments, unauthorised wire transfers and questionable corporate entities.
Among the most serious allegations, Mayweather claims approximately $100 million worth of jewellery was handed over to Miami-based jewellers in exchange for only around $13 million. The lawsuit further alleges that a large portion of the jewellery collection remains in the possession of the dealers.
Court filings reportedly include text messages in which one jeweller allegedly threatened to begin liquidating Mayweather’s jewellery if payments were not made. According to the complaint, Rechnitz allegedly responded: “Agreed thx.”
Mayweather also claims he transferred $7.5 million into what he believed was a legitimate investment opportunity, only for the deal never to materialise and the money to disappear. The boxer additionally alleges that another $15 million connected to a real estate settlement was moved without his authorisation.
The lawsuit further claims Mayweather unknowingly signed documents transferring ownership of his Gulfstream private jet with the buyer information left blank. According to the filing, the former boxer says he still does not know where the proceeds from the aircraft sale went.
Mayweather also accuses Frist of falsely portraying himself as a senior executive at Vada Properties despite allegedly never holding such positions. The former boxing champion is seeking at least $175 million in damages, punitive compensation and a full financial accounting of the allegedly missing funds.
Mayweather has always been a fool where money is concerned. He kept his father and management team completely out of his financial dealings hence denying himself valuable advice on who was an honest business consultant and who wasn’t.
Now he is broke. They have skimmed millions from him. This wild goose chase will yield nothing and he will get no sympathy from anyone including his close family and friends whom he shut out of his door. His open arrogance will only add salt to injury.
Sorry man….