Floyd Mayweather is seeking $175 million in a newly filed lawsuit alleging that his former investment manager and real estate adviser defrauded him over multiple years.
The suit, filed in a New York court, claims Jona Rechnitz, Mayweather's former manager, and Ayal Frist, who ran Frist Apex Ventures, a Florida-based real estate and investment firm where a lot of Mayweather's money was sent, committed fraud and had roles in breach of fiduciary duty.
Mayweather alleges that Rechnitz built a relationship with him over a number of years to gain his trust. He then allegedly used his advisory role to move Mayweather's money into accounts with Frist Apex Ventures.
Rechnitz, Frist, Frist Apex and Alexander Seligson, an attorney who handled the refinance of one of Mayweather's properties, are listed as defendants.
Messages left with Rechnitz, Frist and Seligson were not immediately returned to ESPN.
"The conduct alleged in this pleading -- including the diversion of settlement proceeds, refinance proceeds, and recurring real estate distributions to accounts controlled by Jona Rechnitz through Frist Apex Ventures -- demands a full judicial accounting," Mayweather's attorney, Leo Jacobs, said in a statement. "We look forward to obtaining that accounting and to recovering every dollar to which our client is entitled."
The suit alleges a multitude of issues, including:
A $7.5 million wire for a 12-month investment on July 1, 2024, to Frist Apex where no investment was made and the initial money was never returned.
Unauthorized allocations of Mayweather's money to Frist Apex, including $15 million in settlement proceeds from a realty company at Rechnitz's direction.
A separate loan with over $8.8 million of a $16.4 million loan on four of Mayweather's properties was sent to Frist Apex without explanation. Only $2.5 million was given to Mayweather Promotions.
That $2.1 million of an $8.2 million refinance of one of Mayweather's Las Vegas properties was sent to Frist Apex "at Rechnitz's direction, and without Mr. Mayweather's authorization."
Rechnitz diverted a $1 million deposit agreed to by Mayweather to buy a New York property in 2025 to pay a New York jeweler instead, and as a result the property deal never closed.
Rechnitz pledged nearly $100 million in Mayweather's jewelry to two Miami-based jewelers for only $13 million. "A substantial portion of the pledged jewelry" remains with the jewelers, according to the suit, without accounting provided to Mayweather.
A text message chain provided in the lawsuit claims one of the jewelers in the $100 million pledge demanded that if he didn't receive a payment he would start to liquidate the goods, which Rechnitz allegedly agreed to without Mayweather's authorization.
The suit also claims Mayweather signed a bill of sale for his 1996 Gulfstream IV jet at Rechnitz's suggestion with no purchaser listed. Mayweather alleges that he does not know who bought the aircraft and that the money from the sale was used for a "Bugatti-related obligation and otherwise diverted to Frist Apex," with no money given to Mayweather.
Frist allegedly represented himself as a manager of Vada Properties, Mayweather's real estate investment firm, without being appointed. The suit claims that he never held such an office and that Frist signing documents as a manager was "a misrepresentation of office." Vada's website, at one point, listed Frist as the CEO. The suit alleges that Frist was never appointed Vada's CEO by Mayweather.
Mayweather is a defendant in several other lawsuits alleging money owed -- some of which include Rechnitz as a co-defendant.
He is also the plaintiff in a $340 million lawsuit where he alleges that Showtime, the network he used to fight on, misappropriated funds as part of a long-running scheme of financial fraud.
The IRS also filed a nearly $7.3 million lien against Mayweather in March for unpaid taxes in 2018 and 2023.