Professional boxer Floyd Mayweather Jr. has initiated legal proceedings against his former investment manager, alleging financial fraud totaling $175 million through a series of unauthorized transactions and misappropriated funds.
The 49-year-old undefeated champion filed a 23-page civil complaint in Manhattan state court on Friday afternoon, naming Jona Rechnitz as the primary defendant. Rechnitz, who served as Mayweather’s investment portfolio manager, real estate adviser, and banking liaison in recent years, is accused alongside Ayal Frist, manager of First Apex Ventures, a Florida-based real estate and investment firm.
According to the seven-count complaint, Mayweather first encountered Rechnitz in 2017. During their initial meetings, Rechnitz presented himself as a sophisticated real estate investor while cultivating both personal and professional relationships with the boxer. The complaint reveals that Mayweather was unaware of Rechnitz’s involvement as a cooperating witness in the federal bribery trial of Norman Seabrook, former president of the Correction Officers’ Benevolent Association.
The legal filing, prepared by attorney Leo Jacobs, includes multiple counts of fraud, unjust enrichment, breach of fiduciary duty, conversion, and accounting violations. The complaint details several instances of alleged financial misconduct, including unauthorized transfers of Mayweather’s funds to First Apex Ventures.
Among the specific allegations, Rechnitz and his co-defendants are accused of directing $15 million in settlement proceeds from a realty company to First Apex without authorization. The complaint also describes a $7.5 million wire transfer arranged by Rechnitz on July 1, 2024, purportedly for a 12-month investment that never materialized and for which the funds were never returned.
Another disputed transaction involves more than $8.8 million connected to a cross-collateralized $16.4 million loan secured by four of Mayweather’s properties. According to the filing, these funds were sent to First Apex without proper explanation or authorization.
The complaint further alleges that Rechnitz pledged nearly $100 million worth of Mayweather’s jewelry collection to two Miami-based jewelers, identified as Joel Vigo and an individual known as “Moti,” in exchange for just $13 million – representing less than 14 percent of the collection’s stated value. A substantial portion of this jewelry reportedly remains in the possession of these jewelers.
Additionally, Mayweather claims that Rechnitz redirected a $1 million deposit intended for purchasing a Midtown Manhattan property on Sixth Avenue in the Diamond District. Instead of completing the real estate transaction, the funds were allegedly used to pay a New York City jeweler, causing the property deal to collapse.
Rechnitz’s legal history includes testimony in 2017 against Norman Seabrook and co-defendant Murray Huberfeld in federal court. As part of a 2016 plea agreement, Rechnitz admitted to attempting to bribe officials, including then-New York City Mayor Bill de Blasio and senior police department officials. He received immunity in exchange for his cooperation regarding involvement in two Ponzi schemes, defrauding a medical insurer, and lying on government forms to obtain a gun license.
During six days of testimony in Seabrook’s trial, Rechnitz disclosed that he had purchased political favors through a bundled $100,000 campaign donation to Mayor de Blasio and had arranged entertainment for high-ranking police officers on private jets to Las Vegas.
The lawsuit represents the latest in a series of legal proceedings involving Mayweather, who has faced numerous civil suits across the country on various claims throughout his career.
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