Mayweather Files Lawsuit Against Former Partner in Alleged $250 Million Fraud Scheme

Floyd Mayweather sued his former partner with fraud charges (Instagram/@floydmayweather).

JAKARTA - Floyd Mayweather is seeking $175 million in damages in a newly filed lawsuit. He accuses his former investment manager and real estate advisor of having cheated him for years.

The lawsuit, filed in New York court, claims Jona Rechnitz - Mayweather's former manager - and Ayal Frist, who runs Frist Apex Ventures - a Florida-based real estate and investment company where most of Mayweather's money was sent - committed fraud and played a role in breach of fiduciary duty.

Mayweather alleged that Rechnitz built a relationship with him over several years to gain his trust. Then, he allegedly used his advisory role to move Mayweather's money into an account at Frist Apex Ventures.

Rechnitz, Frist, Frist Apex, and Alexander Seligson - a lawyer who handled the refinancing of one of Mayweather's properties - are listed as defendants.

"The actions alleged in this lawsuit - including the diversion of settlement proceeds, refinancing proceeds, and repeated real estate distributions to accounts controlled by Jona Rechnitz through Frist Apex Ventures - demand full judicial accountability."

"We hope to obtain that accountability and recover every dollar that belongs to our clients," Mayweather's lawyer, Leo Jacobs, said in a statement.

The lawsuit alleges a number of issues, including:

1. Transfer funds in the amount of 7.5 million US dollars for a 12-month investment on July 1, 2024, to Frist Apex where no investment was made and the initial money was never returned.

2. Unauthorized allocation of Mayweather's money to Frist Apex, including 15 million US dollars from the settlement of a real estate company at Rechnitz's direction.

3. A separate loan of more than $8.8 million out of a total loan of $16.4 million for four Mayweather properties was sent to Frist Apex without explanation. Only $2.5 million was given to Mayweather Promotions.

4. A $2.1 million fund out of a total $8.2 million refinancing for one of Mayweather's properties in Las Vegas was sent to Frist Apex at Rechnitz's direction and without Mayweather's authorization.

5. Rechnitz diverted a $1 million deposit agreed to by Mayweather to buy property in New York in 2025 to be paid to a jewelry store owner in New York and as a result the property deal was never realized.

6. Rechnitz pledged Mayweather's jewelry worth nearly $100 million to two Miami-based jewelry stores for only $13 million. Most of the pledged jewelry remained in the hands of the jewelry stores, according to the lawsuit, without an explanation given to Mayweather.

A series of text messages included in the lawsuit claimed that one of the owners of the jewelry store in the $100 million bail demanded that if he did not receive payment, he would begin liquidating the goods, which were allegedly approved by Rechnitz without Mayweather's authorization.

The lawsuit also claims that Mayweather signed a bill of sale for his 1996 Gulfstream IV jet at Rechnitz's suggestion without listing a buyer.

Mayweather stated that he did not know who bought the plane and that the money from the sale was used for Bugatti-related obligations and transferred to Frist Apex, with no money given to Mayweather.

Frist allegedly claimed to be the manager of Vada Properties, Mayweather's real estate investment company, without being officially appointed.

The lawsuit claims that he never held the post and that the signing of the document by Frist as manager was an abuse of office.

Vada's website, at one time, listed Frist as CEO. The lawsuit states that Frist was never appointed as Vada's CEO by Mayweather.

Mayweather is a defendant in several other lawsuits alleging money owed - some of which involve Rechnitz as a co-defendant.

He is also a plaintiff in a $340 million lawsuit in which he accuses Showtime, the television network where he used to fight, of misusing funds as part of a long-running financial fraud scheme.

The IRS also filed a lawsuit for nearly $7.3 million against Mayweather in March 2026 for unpaid taxes in 2018 and 2023.