Floyd Mayweather Files $175 Million Fraud Lawsuit Against Former Advisers

Allegations Include Millions In Missing Funds

According to the filing, Mayweather claims Rechnitz gained his trust over several years before steering large portions of his money into accounts connected to Frist Apex Ventures.

Among the allegations:

• A $7.5 million wire transfer sent in July 2024 for a supposed 12-month investment that allegedly was never invested or returned
• Unauthorized movement of $15 million in settlement proceeds into Frist Apex-controlled accounts
• More than $8.8 million from a property-backed loan allegedly diverted without Mayweather’s approval
• Another $2.1 million from a Las Vegas property refinance allegedly rerouted to Frist Apex

The lawsuit claims only $2.5 million from one major transaction actually reached Mayweather Promotions.

Mayweather attorney Leo Jacobs issued a strong statement after the filing.

“The conduct alleged in this pleading demands a full judicial accounting. We look forward to recovering every dollar to which our client is entitled.”

Jewelry, Jet And Real Estate Deals Under Scrutiny

The complaint also alleges Rechnitz mishandled several of Mayweather’s luxury assets.

One accusation claims Rechnitz pledged nearly $100 million worth of Mayweather jewelry to Miami-based jewelers in exchange for just $13 million in financing.

The suit alleges:

• Much of the jewelry remains unaccounted for
• Payments were authorized without Mayweather’s consent
• Jewelers threatened liquidation of the assets if payments were missed

The filing also raises questions surrounding the sale of Mayweather’s:

• 1996 Gulfstream IV private jet
• New York real estate transactions
• Multiple Las Vegas properties

Mayweather claims he signed paperwork for the jet sale without a purchaser listed and never received proceeds from the transaction.

Instead, the lawsuit alleges funds were redirected toward “Bugatti-related obligations” and other debts tied to Frist Apex.

Vada Properties Dispute

Another major issue in the lawsuit involves Vada Properties.

Mayweather alleges Ayal Frist falsely represented himself as:

• CEO
• Manager
• Authorized representative

despite never officially being appointed to those roles.

The lawsuit describes Frist signing company documents as “a misrepresentation of office.”

Legal Issues Continue To Mount For Mayweather

The lawsuit adds to an increasingly complicated legal and financial situation surrounding Mayweather.

Additional ongoing issues include:

• A separate $340 million lawsuit filed by Mayweather against Showtime over alleged financial misconduct
• Multiple lawsuits accusing Mayweather of unpaid debts
• A reported IRS tax lien totaling nearly $7.3 million for unpaid taxes from 2018 and 2023

The legal battle also comes while Mayweather continues promoting a professional rematch against Manny Pacquiao, which is currently targeted for Sept. 25 at T-Mobile Arena and expected to stream on Netflix.