Floyd Mayweather has abruptly withdrawn his $175 million fraud lawsuit against former business manager Jona Rechnitz and several other defendants, a major turn in a case that accused his one-time adviser and associates of diverting money through investments, real estate deals, settlement proceeds, jewelry transactions, and the transfer of a private jet, while leaving Mayweather free to bring the claims again because the action was discontinued without prejudice in court.
The Mayweather lawsuit officially changed course on September 24. According to a notice filed in New York County Supreme Court, Mayweather and his affiliated entities voluntarily discontinued their claims against Rechnitz, Ayal Frist, Frist Apex Ventures LLC, and several unidentified defendants. The filing states that the claims were withdrawn “without prejudice” and without costs to either side. A separate filing also discontinued the claims against attorney Alexander Seligson.
Mayweather’s attorney, Leo Jacobs, did not provide a detailed reason for the decision. “At this time, our client has decided to withdraw its claim without prejudice,” Jacobs told ESPN. Earlier in the dispute, Jacobs had said the alleged conduct “demands a full judicial accounting” and vowed to pursue “every dollar.” The withdrawal came roughly four months after the $175 million Mayweather lawsuit was filed.
The allegations behind the case were extensive. According to Mayweather’s verified complaint, Rechnitz began gaining Mayweather’s confidence around 2017 and eventually assumed what the lawsuit described as a de facto role involving investments, real estate and banking matters. Mayweather alleged that Rechnitz, Frist and others participated in a years-long scheme that diverted at least $175 million in cash, property, luxury assets and other financial interests. Those allegations were claims made by Mayweather and had not been decided at trial when he withdrew the action.
One allegation involved a $7.5 million transfer made in July 2024. The complaint says the money was sent to First Apex after Rechnitz allegedly represented that it would be placed in a 12-month investment expected to generate a return. Mayweather claimed the principal was never returned and no underlying investment documentation was provided. The Mayweather lawsuit also alleged that $8,811,463.77 from a separate $16.4 million loan was transferred to Frist Apex without his authorization. Another portion of the complaint accused Rechnitz of directing approximately $15 million in settlement proceeds to the firm.
Some of the most striking claims centered on Mayweather’s luxury assets. According to the complaint, jewelry with an asserted value of nearly $100 million was placed with two Miami dealers in 2025 in connection with approximately $13 million in payments. Mayweather alleged that a substantial amount of the jewelry remained with the dealers and that he had not received an accounting. The complaint also addressed his 1996 Gulfstream G IV aircraft, alleging that Mayweather signed a Federal Aviation Administration bill of sale with the purchaser section blank. The document listed the consideration as “$1.00 & OVC.” Mayweather claimed he did not know who ultimately acquired the aircraft and received none of its proceeds.
Rechnitz denied Mayweather’s accusations. In a statement after the Mayweather lawsuit was originally filed, he said, “I do not want to litigate this issue through the media, nor do I want to embarrass Floyd publicly,” while maintaining that he had warned Mayweather about his spending. Rechnitz also accused Mayweather of ignoring financial concerns and “looking to blame others.”
Their relationship had previously appeared much friendlier. According to Complex, Mayweather submitted a letter supporting Rechnitz during federal proceedings in which he wrote, “We became friendly, and I supported him when he was going through the process of being sentenced in 2019.” Mayweather also told the court that Rechnitz “is a good person.” Those statements became notable background once Mayweather later accused Rechnitz of betraying his financial trust.
Rechnitz’s previous criminal case is documented in federal appellate court records. The Second Circuit said Rechnitz pleaded guilty in 2016 to conspiracy to commit honest services wire fraud under a cooperation agreement with federal prosecutors. The appellate record says the case involved bribery schemes and that Rechnitz later provided substantial assistance to investigators. He was initially sentenced to five months in prison followed by three years of supervised release. The Second Circuit later ordered that his case be reassigned to a different judge for resentencing after finding that the district judge should have recused himself.
The withdrawal resolves the current version of the Mayweather lawsuit, but it does not end the broader legal activity surrounding the retired boxing champion. ESPN reported earlier in 2026 that Mayweather filed a separate federal lawsuit seeking at least $340 million over alleged misappropriation of boxing earnings. Separately, the Associated Press reported that Clark County prosecutors charged Mayweather with two felonies related to an allegedly insufficient $200,000 check used in a luxury watch transaction. Those criminal accusations remain allegations unless proven in court.
For now, the September 24 filing ends the $175 million case in its present form without a judicial determination that Mayweather’s accusations were either proven or disproven. Because the claims were discontinued without prejudice, the court filing leaves open the possibility that Mayweather could attempt to pursue them again, subject to applicable procedural and legal requirements.
