CEO From North Caldwell Indicted In $3.3M Securities Fraud Scheme: Attorney General

NORTH CALDWELL, NJ — Two corporate executives have been indicted for fraud after they allegedly duped people into investing in their Essex County-based company – then funneled the money into hefty salaries, a mansion, luxury cars and large cash withdrawals, New Jersey state prosecutors say.

Ari Goldstein, 55, of North Caldwell – the CEO of Breezy Point Energy Corp. – and Abbie Mandell, 51, of Bethpage, New York, a senior executive, have each been charged by indictment in connection with a $3.3 million securities fraud scheme, the New Jersey attorney general’s office announced last week.

Here’s how the scheme worked, prosecutors alleged:

“According to documents filed in this case, from July 2019 to May 2025, Goldstein and Mandell misled investors into purchasing shares in Breezy Point Energy Corp. (BPE), based in Essex County, New Jersey, and providing funds for a BPE renewable energy project purportedly under development in Montana. Victims were allegedly induced to invest based on various false representations about BPE, including that the company had a market value ranging from $10 million to billions of dollars, had acquired or controlled land in Montana, and was close to executing viable business deals that would generate significant financial returns for investors. BPE never, in fact, acquired nor controlled any land in Montana to develop renewable energy from wind or solar power.”

“Goldstein and Mandell allegedly knew that BPE engaged in limited, if any, legitimate business activity related to renewable energy,” prosecutors said.

Most of the funds provided by investors to BPE were instead allegedly siphoned from the company for their personal use, such as paying Goldstein and Mandell large salaries, renting a mansion for Goldstein and his family, leasing luxury vehicles and making large cash withdrawals, prosecutors said.

Goldstein and Mandell have been charged with one count of securities fraud (second-degree), three second-degree counts and one third-degree count of theft by deception, and one count of misconduct by a corporate official (second-degree).

Goldstein is separately charged with two additional counts of theft by deception (second and third degree) and 10 third-degree tax fraud charges for filing a fraudulent tax return, failing to file tax returns, and failing to pay income tax from 2020 to 2024, authorities said.

“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,” Attorney General Matthew Platkin said.

“Instead, the defendants allegedly used the company as a vehicle to take millions of dollars from vulnerable investors,” Platkin said.

Second-degree crimes carry a sentence of up to 10 years in state prison and a fine of up to $150,000. Third-degree crimes carry a sentence of up to five years in a state prison and a fine of up to $15,000, prosecutors said.

An investigation continues, prosecutors said. Authorities said anyone with information can contact the DCJ’s tip line at (800) 277-2427 or use the OSFFCP’s complaint email at OSFFCP@njdcj.org.

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