Floyd Mayweather publicly said he trusted Jona Rechnitz “100 percent” at an industry event last year, and now he’s suing him for $175 million

Floyd Mayweather is suing his former investment manager and real estate adviser, Jona Rechnitz, claiming he was defrauded out of $175 million. The 23-page complaint alleges that Rechnitz engaged in a series of unauthorized transactions, using Mayweather’s money to purchase assets including real estate and jewelry over several years.

The lawsuit accuses Rechnitz of financially defrauding Mayweather and breaching his fiduciary duty. As detailed by BroBible, a financial adviser carries a legal obligation to act in a client’s best interest at all times, prioritizing the client’s financial well-being above their own.

Mayweather claims his relationship with Rechnitz began in 2017, when Rechnitz presented himself as “a sophisticated real estate investor.” Over the following years, Rechnitz allegedly used his advisory position to transfer Mayweather’s funds without authorization, including covertly moving a significant portion of his assets to Frist Apex Ventures, a Florida real estate and investment company run by Ayal Frist, who is also named as a defendant.

The alleged transfers paint a troubling financial picture

The lawsuit details several specific instances of alleged misconduct. One major accusation involves a $7.5 million wire transfer for what was supposed to be a 12-month investment to Frist Apex Ventures. Mayweather claims no actual investment was ever made and the initial funds were never returned.

Another allegation states that over $8.8 million of a $16.4 million loan on four of Mayweather’s properties was sent to Frist Apex without explanation. The complaint further states 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.”

Perhaps the most striking claim involves Mayweather’s jewelry. The lawsuit alleges that Rechnitz pledged nearly $100 million in Mayweather’s jewelry to two Miami-based jewelers for only $13 million, with a “substantial portion of the pledged jewelry” still remaining with those jewelers.

Mayweather’s attorney, Leo Jacobs, said in a statement: “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.” Jacobs added that they look forward to “recovering every dollar to which our client is entitled.” Amid other high-profile sports legal disputes, boxer Gervonta Davis filed a $20 million countersuit after a woman accused him of a violent Miami strip club attack.

The defendants are pushing back. Their attorney, Morris Missry, said the claims are “utterly baseless and refuted by substantial documentary evidence, including Mr. Mayweather’s own correspondence.” Missry added that the defense intends to vigorously contest the lawsuit and is “confident that once all of the facts are presented in court, not only will our clients be vindicated, Mr Mayweather’s gambling issues, prolific spending habits, monies owed to third party creditors and IRS tax liens and levys, as well as other unseemly behavior will be exposed and we believe that Mr. Mayweather will be the one paying significant damages to our clients.”

This lawsuit is the latest in a string of financial and legal troubles for Mayweather. In April, the IRS reportedly placed a lien on his properties over more than $7 million in unpaid taxes, and even threatened to revoke his passport until the balance is paid. In May, a court reportedly ordered him to pay $33,000 a month plus $1 million in child support to a dancer at his Las Vegas strip club.

In February, Mayweather also filed a separate lawsuit seeking to “recover hundreds of millions of dollars in misappropriated funds and damages resulting from a long-running and elaborate scheme of financial fraud, breaches of fiduciary duty, and conspiracy orchestrated by Floyd J. Mayweather’s former manager and advisor, Al Haymon, with the knowing and substantial participation and aid of Defendants Showtime Networks Inc. and Stephen Espinoza, among others.”

The Showtime lawsuit, much like this one, centers on allegations that people entrusted with his finances diverted large sums without his knowledge. The Chrisley family faced a similar pattern when Todd and Julie Chrisley were convicted on federal fraud charges, a case that led to a reality star’s bid to free her convicted parents before pivoting to politics.

Missry’s statement made clear the defense plans to go on the offensive, citing Mayweather’s own spending habits and IRS history as part of its courtroom strategy.