Boxing champion Floyd Mayweather Jr. has filed a lawsuit against his former business advisor, Jona Rechnitz, accusing him of stealing at least $175 million through a multi-year fraudulent scheme. The allegations include the misappropriation of proceeds from real estate sales, jewelry, and a Gulfstream G-IV private jet.
Allegations and Legal Action
The complaint, filed Thursday evening in Manhattan County Supreme Court, claims that Rechnitz, a New York City real estate developer with a prior federal bribery conviction, orchestrated the theft with the assistance of two associates. Mayweather's attorney, Leo Jacobs, stated, 'As they say, the gloves are off. The complaint speaks for itself.'
The lawsuit follows a court order requiring Mayweather to pay nearly $1 million in back child support, plus $33,000 monthly, to a dancer at his Las Vegas strip club. Additionally, last month, Mayweather and Rechnitz were jointly sued for allegedly failing to pay a $100,000 private jet bill for a flight to the Caribbean.
Background of the Relationship
Mayweather, 49, an undefeated professional boxer with a 50-0 record, has no formal education in finance or real estate, according to the complaint. He relied on advisors to manage his financial affairs. In 2017, Rechnitz, then 43, began cultivating a relationship with Mayweather after being introduced by a mutual acquaintance. Rechnitz presented himself as a sophisticated real estate investor and soon became involved in Mayweather's personal and business matters.
Mayweather was unaware of Rechnitz's fraud conviction and a civil fraud judgment against him, the complaint alleges. By 2024, Rechnitz had assumed the de facto role of Mayweather's investment manager, real estate advisor, and banking liaison. In May 2025, Mayweather publicly stated, 'I trust Jona – not just 10 percent, 20 percent – 100 percent,' despite emerging theft allegations.
Details of the Alleged Scheme
The complaint outlines several instances of alleged theft. On July 1, 2024, Rechnitz convinced Mayweather to invest $7.5 million in a deal that promised a handsome profit within 12 months. However, no investment was made, and the principal was not returned. That same month, Rechnitz took out a $13 million loan secured by a Miami Beach property, using $6.5 million to purchase a 1996 Gulfstream G-IV jet. The jet was sold 18 months later, but Mayweather claims he has no knowledge of the sale or its proceeds.
In October 2024, Rechnitz obtained $16.4 million in cross-collateralized loans against four properties. While $2.5 million went to Mayweather Promotions, nearly $9 million was transferred to an LLC controlled by one of Rechnitz's associates. Mayweather has never received an explanation for this transfer.
As 2024 ended, Rechnitz steered Mayweather into a $27 million commercial real estate deal requiring a $1 million deposit. Instead, the money was sent to a Manhattan jeweler, and the deal fell through. Mayweather also lost $2.1 million from a property refinancing and $15 million from a settlement, which Rechnitz allegedly diverted to himself.
In August 2025, just months after Mayweather expressed total trust, Rechnitz pledged $100 million worth of Mayweather's jewelry as collateral for $13 million in loans. None of the money went to Mayweather. The jewelry included Rolex watches, Jacob & Co. timepieces, a diamond necklace, and gold chains. When the loans were not repaid, a jeweler texted Mayweather and Rechnitz, threatening to liquidate the merchandise. Rechnitz replied, 'Agreed thx,' but Mayweather had not authorized the liquidation.
As recently as January 2026, Rechnitz continued to siphon funds, taking 20% of distributions from an Upper Manhattan real estate portfolio owned by Mayweather.
Legal Claims and Next Steps
The complaint asserts that Rechnitz breached his fiduciary duty of loyalty, candor, care, and good faith. Mayweather is seeking damages of no less than $175 million, disgorgement of all benefits received by Rechnitz, and punitive damages. Rechnitz has approximately 21 days to respond to the allegations.
