Floyd Mayweather Jr. is suing his scandal-plagued former buddy and investment manager Jona Rechnitz, claiming Rechnitz gained his trust and then diverted $175 million from the champion boxer.
Mayweather alleges that Rechnitz orchestrated a multi-year fraud to move Mayweather’s cash, jewelry and real estate funds into accounts connected to Rechnitz and his associates.
Mayweather hired brash commercial and bankruptcy attorney Leo Jacobs to bring a lawsuit in New York state court against Rechnitz, his associate Ayal Frist and Manhattan attorney Alexander Seligson.
“The gloves are off,” Jacobs told The Real Deal. “This is a case to watch.”
TMZ first reported the news.
Beyond being a boxing champion, Mayweather has spent the last few years buying and investing in real estate assets in New York, Chicago and Miami. The lawsuit alleges Rechnitz’s fraud spanned Mayweather’s real estate portfolio, including many of Mayweather’s largest deals. Rechnitz was allegedly able to redirect Mayweather’s funds when he became the boxer’s investment manager, real estate advisor and banking liaison in 2024, according to the lawsuit.
With Rechnitz as his advisor, Mayweather’s real estate firm, Vada Properties, went on a spending spree, investing in office landlord 601W Companies’ portfolio, a 1,000-unit affordable housing portfolio in NYC, and the former Versace Mansion in Miami Beach.
But the lawsuit suggests at least one of Mayweather’s big-ticket deals was not what it seemed. Rechnitz allegedly misrepresented Mayweather’s acquisition of the 1,000-apartment Manhattan portfolio from Black Spruce. According to the lawsuit, Mayweather’s only documentation of the deal shows just a 5 percent stake in one LLC, not the entire 1,000-unit deal.
Mayweather alleges Rechnitz diverted funds from his other real estate investments. This included $15 million stemming from a settlement with SL Green. Rechnitz allegedly diverted another $8.8 million of loan proceeds from Hankey Capital secured by four of Mayweather’s properties to Frist Apex Ventures, a Florida company managed by Ayal Frist, who presented himself as Vada Properties CEO.
(Frist has long portrayed himself as CEO of Vada, even at a TRD event alongside Mayweather; in the suit, however, Mayweather claims Frist had “never been appointed as Chief Executive Officer of any Vada Properties entity by Mr. Mayweather or by any corporate act of any Vada Properties entity.”)
Rechnitz also had access to Mayweather’s jewelry. Mayweather alleges Rechnitz pledged about $100 million worth of jewelry to two Miami jewelers in exchange for just $13 million. Rechnitz even allegedly directed Mayweather to sign a bill of sale for his Gulfstream jet.
The stated consideration was listed as “$1.00 & OVC.”
Mayweather does not know who acquired the jet and does not have an accounting of the proceeds, according to the lawsuit.
Rechnitz’s involvement in Mayweather’s real estate enterprise had led to scrutiny and questions since 2024.
Rechnitz pleaded guilty in 2016 to conspiracy to commit honest services wire fraud for directing bribes to NYPD officers. He then served as a cooperating witness to federal prosecutors in three corruption cases, including one involving the NYPD. Rechnitz has not served jail time.
But Mayweather defended Jona at The Real Deal’s 2025 annual NYC Forum.
“I trust Jona — not just 10 percent, 20 percent — 100 percent,” Mayweather told a packed audience.
Mayweather, who was joined onstage with Frist, told the crowd he wanted to talk about real estate, not someone’s criminal record.
“Jona is my friend,” Mayweather said. “Whatever his case was, he dealt with it like a man, and we’re going to continue to do business.”
Rechnitz did not immediately return a request for comment, nor did Frist or Seligson.
