NJ Energy Executives Charged in $3.3M Investor Fraud

New Jersey officials say money meant for green energy projects was used for luxury spending instead.

Two top executives at an Essex County-based renewable energy company have been indicted in what authorities are calling a multimillion-dollar securities fraud scheme that misled investors and diverted funds for personal gain.

Ari Goldstein, 55, of North Caldwell, and Abbie Mandell, 51, of Bethpage, New York, were charged with defrauding investors of approximately $3.3 million through their company, Breezy Point Energy Corp. (BPE), which falsely claimed to be developing renewable energy projects in Montana.

“The defendants allegedly took advantage of a genuine need and public interest in renewable energy to trick investors into believing that their company was a valuable and legitimate business enterprise,” said Attorney General Platkin. “We allege it was not. Instead, the defendants allegedly used the company as a vehicle to take millions of dollars from vulnerable investors. The time has come for them to be held accountable.”

According to an indictment announced Thursday by New Jersey Attorney General Matthew J. Platkin and the Division of Criminal Justice, the pair allegedly misrepresented BPE’s market value, land holdings, and project viability to secure investor funding. In reality, the company never acquired land in Montana or conducted significant renewable energy operations, investigators said.

Instead, much of the investor money was allegedly diverted for personal expenses, including luxury home rentals, high-end vehicles, inflated executive salaries, and large cash withdrawals.

“The victims of this alleged fraud put their trust in the defendants, believing they were investing in a legitimate source of clean energy,” said DCJ Director Theresa L. Hilton. “Instead, their money was allegedly diverted by the defendants for their own personal use. This office will always work to protect the public from such schemes.”

Goldstein faces a total of 18 charges, including:

• Securities fraud (second degree)

• Multiple counts of theft by deception (second and third degree)

• Corporate misconduct

• Ten counts of tax fraud for allegedly failing to file or pay taxes between 2020 and 2024

Mandell is charged with similar offenses, excluding the tax-related counts.

The alleged fraud occurred over nearly six years, from July 2019 to May 2025, and targeted investors who were told the company was poised for lucrative renewable energy developments. Authorities say none of those business deals materialized, and claims about BPE's valuation—ranging from $10 million to billions—were fabricated.

The case is being handled by Deputy Attorney General Jack Daily of the Office of Securities Fraud and Financial Crimes Prosecutions (OSFFCP), following an extensive investigation by DCJ detectives and tax investigators. Law enforcement agencies from Montana, New York, and multiple New Jersey counties also assisted.

The investigation remains active. Anyone with information is urged to contact the Division of Criminal Justice tip line at (800) 277-2427 or email OSFFCP@njdcj.org.

As a reminder, the charges are accusations, and both defendants are presumed innocent unless and until proven guilty in court.