Mayweather suing former associate in alleged $175M fraud scheme - ESPN

Floyd Mayweather is seeking $175 million in a newly-filed lawsuit alleging his former investment manager and real estate advisor defrauded him over multiple years.

The suit, filed in a New York court, claims Jona Rechnitz, his former manager, and Ayal Frist, who ran Frist Apex Ventures, a Florida-based real estate and investment firm where a lot of Mayweather's money was sent, committed fraud and had roles in the breach of fiduciary duty.

Mayweather alleges Rechnitz built a relationship with him over a number of years to gain his trust. He then allegedly used his advisory role to move Mayweather's money into accounts with Frist Apex Ventures.

Rechnitz, Frist, Frist Apex and Alexander Seligson, an attorney who handled the refinance of one Mayweather's properties, are listed as defendants.

Messages left with Rechnitz, Frist and Seligson were not immediately returned to ESPN.

«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,» Mayweather's attorney, Leo Jacobs, said in a statement. «We look forward to obtaining that accounting and to recovering every dollar to which our client is entitled.»

The suit alleges a multitude of issues, including:

A $7.5 million wire for a 12-month investment on July 1, 2024 to Frist Apex where no investment was made and the initial money was never returned.

Unauthorized allocations of Mayweather's money to Frist Apex, including $15 million in settlement proceeds from a realty company at Rechnitz's direction.

A separate loan with over $8.8 million of a $16.4 million loan on four of Mayweather's