The authorized brouhaha between boxing legend Floyd Mayweather Jr. and his former funding supervisor Jona Rechnitz seems to be over.
Mayweather dropped the civil lawsuit he filed in May towards Rechnitz, the boxer’s lawyer, Leo Jacobs, confirmed to The Actual Deal. It’s unclear if Mayweather plans to reopen the case down the road.
“Mr. Mayweather filed this lawsuit with a variety of noise and dropped it in silence, proper earlier than our courtroom deadline to reply his frivolous claims with documented proof,” Rechnitz instructed The Actual Deal.
Mayweather filed his lawsuit in New York state courtroom, alleging Rechnitz gained his belief after which diverted $175 million from the champion boxer. Mayweather claimed Rechnitz orchestrated a multi-year fraud to maneuver Mayweather’s money, jewellery and actual property funds into accounts linked to Rechnitz and his associates; Ayal Frist and Manhattan lawyer Alexander Seligson have been additionally defendants within the case.
The lawsuit alleged Rechnitz’s fraud spanned Mayweather’s actual property portfolio, together with lots of Mayweather’s largest offers in New York, Chicago and Miami. It additionally claimed Rechnitz was allegedly in a position to redirect Mayweather’s funds when he grew to become the boxer’s funding supervisor, actual property adviser and banking liaison in 2024.
As well as, the lawsuit alleged that Rechnitz misrepresented Mayweather’s acquisition of a 1,000-apartment Manhattan portfolio from Black Spruce. Mayweather’s documentation of the deal exhibits only a 5 % stake in a single LLC, not the whole 1,000-unit deal
Josh Gotlib’s Black Spruce started withholding distributions from its Manhattan rental portfolio to Mayweather’s Vada Properties as a result of authorized battle.
Mayweather additionally alleged Rechnitz diverted funds from different actual property investments, together with $15 million from a settlement with SL Inexperienced and one other $8.8 million of mortgage proceeds from Hankey Capital secured by 4 of Mayweather’s properties in Frist Apex Ventures, a Florida firm managed by Frist.
Rechnitz pleaded responsible in 2016 to conspiracy to commit trustworthy providers wire fraud for steering bribes to NYPD officers. He served as a cooperating witness to federal prosecutors in three corruption circumstances, together with one involving the NYPD. Rechnitz has not served jail time.
Mayweather defended Jona at The Actual Deal’s 2025 annual NYC Discussion board.
“I belief Jona — not simply 10 %, 20 % — one hundred pc,” Mayweather instructed a packed viewers.
Keither Larsen contributed reporting.
