Floyd Mayweather filed a $175 million lawsuit in New York court against his former investment manager Jona Rechnitz and others, accusing them of orchestrating a years-long fraud scheme. The boxing star alleges Rechnitz built trust over multiple years before moving his money into accounts controlled by Ayal Frist, who ran Frist Apex Ventures, a Florida-based real estate and investment firm.

The lawsuit details numerous alleged infractions, including a $7.5 million wire for a 12-month investment that was never made and never returned. Mayweather claims $15 million in settlement proceeds from a realty company were diverted to Frist Apex without authorization. Additionally, $2.1 million from an $8.2 million refinance of his Las Vegas property was sent to the firm "at Rechnitz's direction, and without Mr. Mayweather's authorization."

Mayweather's attorney Leo Jacobs stated the conduct "demands a full judicial accounting." The suit also alleges Rechnitz pledged nearly $100 million in Mayweather's jewelry to Miami jewelers for only $13 million and diverted a $1 million deposit meant for a New York property purchase to pay a jeweler instead. Mayweather is also a defendant in several other lawsuits alleging money owed and is pursuing a separate $340 million lawsuit against Showtime for alleged financial fraud.