Floyd Mayweather Jr. is suing his scandal-plagued former buddy and funding supervisor Jona Rechnitz, claiming Rechnitz gained his belief after which diverted $175 million from the champion boxer.
Mayweather alleges that Rechnitz orchestrated a multi-year fraud to maneuver Mayweather’s money, jewellery and actual property funds into accounts linked to Rechnitz and his associates.
Mayweather employed brash industrial and chapter lawyer Leo Jacobs to convey a lawsuit in New York state court docket in opposition to Rechnitz, his affiliate Ayal Frist and Manhattan lawyer Alexander Seligson.
“The gloves are off,” Jacobs instructed The Actual Deal. “It is a case to observe.”
TMZ first reported the information.
Past being a boxing champion, Mayweather has spent the previous few years shopping for and investing in actual property belongings in New York, Chicago and Miami. The lawsuit alleges Rechnitz’s fraud spanned Mayweather’s actual property portfolio, together with a lot of Mayweather’s largest offers. Rechnitz was allegedly capable of redirect Mayweather’s funds when he turned the boxer’s funding supervisor, actual property advisor and banking liaison in 2024, in accordance with the lawsuit.
With Rechnitz as his advisor, Mayweather’s actual property agency, Vada Properties, went on a spending spree, investing in workplace landlord 601W Firms’ portfolio, a 1,000-unit reasonably priced housing portfolio in NYC, and the previous Versace Mansion in Miami Seaside.
However the lawsuit suggests not less than one in every of Mayweather’s big-ticket offers was not what it appeared. Rechnitz allegedly misrepresented Mayweather’s acquisition of the 1,000-apartment Manhattan portfolio from Black Spruce. In line with the lawsuit, Mayweather’s solely documentation of the deal reveals only a 5 % stake in a single LLC, not all the 1,000-unit deal.
Mayweather alleges Rechnitz diverted funds from his different actual property investments. This included $15 million stemming from a settlement with SL Inexperienced. Rechnitz allegedly diverted one other $8.8 million of mortgage proceeds from Hankey Capital secured by 4 of Mayweather’s properties to Frist Apex Ventures, a Florida firm managed by Ayal Frist, who introduced himself as Vada Properties CEO.
(Frist has lengthy portrayed himself as CEO of Vada, even at a TRD occasion alongside Mayweather; within the swimsuit, nonetheless, Mayweather claims Frist had “by no means been appointed as Chief Government Officer of any Vada Properties entity by Mr. Mayweather or by any company act of any Vada Properties entity.”)
Rechnitz additionally had entry to Mayweather’s jewellery. Mayweather alleges Rechnitz pledged about $100 million value of jewellery to 2 Miami jewelers in change for simply $13 million. Rechnitz even allegedly directed Mayweather to signal a invoice of sale for his Gulfstream jet.
The said consideration was listed as “$1.00 & OVC.”
Mayweather doesn’t know who acquired the jet and doesn’t have an accounting of the proceeds, in accordance with the lawsuit.
Rechnitz’s involvement in Mayweather’s actual property enterprise had led to scrutiny and questions since 2024.
Rechnitz pleaded responsible in 2016 to conspiracy to commit sincere companies wire fraud for steering bribes to NYPD officers. He then served as a cooperating witness to federal prosecutors in three corruption instances, together with one involving the NYPD. Rechnitz has not served jail time.
However Mayweather defended Jona at The Actual Deal’s 2025 annual NYC Discussion board.
“I belief Jona — not simply 10 %, 20 % — 100%,” Mayweather instructed a packed viewers.
Mayweather, who was joined onstage with Frist, instructed the group he wished to speak about actual property, not somebody’s legal file.
“Jona is my good friend,” Mayweather stated. “No matter his case was, he handled it like a person, and we’re going to proceed to do enterprise.”
Rechnitz didn’t instantly return a request for remark, nor did Frist or Seligson.
