By Paul Joseph
American boxing legend Floyd Mayweather Jr. has accused a former close associate of masterminding a fraud scheme that allegedly cost him up to $175 million, according to details contained in a lawsuit obtained by TMZ Sports.
Mayweather claimed that Jona Rechnitz spent years building trust with him before eventually becoming deeply involved in his finances, real estate dealings and banking arrangements. The retired boxing champion alleged that Rechnitz later exploited that access to siphon millions of dollars through questionable transactions and fake investment deals.
In the lawsuit, Mayweather alleged that the scheme involved unauthorised wire transfers, suspicious business entities and fraudulent investments allegedly coordinated with Ayal Frist, Frist Apex Ventures and attorney Alexander Seligson.
Among the allegations, the former world champion claimed jewellery worth nearly $100 million was handed over to Miami-based jewellers in exchange for just about $13 million, while much of the collection allegedly remains in the possession of the dealers.
The lawsuit reportedly included text messages in which one jeweller threatened to begin selling Mayweather’s jewellery over unpaid balances. Rechnitz allegedly replied to the message saying, “Agreed thx.”
Mayweather further alleged that he transferred $7.5 million into what he believed was a legitimate investment opportunity, only for the deal never to materialise and the money to disappear.
He also claimed another $15 million linked to a real estate settlement was moved from his accounts without his approval.
One of the most shocking claims in the lawsuit involved Mayweather’s Gulfstream private jet. The boxing icon alleged that he unknowingly signed ownership transfer documents with the buyer’s information left blank and said he still does not know where the proceeds from the sale ended up.
Mayweather described the situation as a betrayal by someone he trusted with access to his wealth and business operations over several years.
However, a source close to Rechnitz denied the allegations, insisting that Mayweather’s financial troubles began long before their relationship. According to the source, the boxer had already been dealing with tax issues, liens and other financial disputes since at least 2018.
The source argued that Mayweather’s current financial problems were not caused by Rechnitz and pointed to the boxer’s history of lavish spending and public displays of wealth.
Mayweather is seeking at least $175 million in damages, punitive compensation and a full accounting of all transactions connected to the alleged fraud.
The lawsuit adds to several legal battles currently involving the boxing superstar. Mayweather is also reportedly pursuing a separate lawsuit worth more than $340 million against Showtime Networks and longtime adviser Al Haymon over alleged financial misconduct.
Following reports about the lawsuit, social media users reacted with mixed opinions, with some sympathising with Mayweather while others criticised his financial decisions over the years.
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