By: Richard L. Smith
A North Caldwell business executive and his senior associate are accused of scamming investors out of millions through a fake renewable energy venture that prosecutors say existed only on paper.
Authorities allege that Ari Goldstein, 55, of North Caldwell, and Abbie Mandell, 51, of Bethpage, New York, operated a fraudulent investment scheme under their company, Breezy Point Energy Corp. (BPE), based in Essex County. 
The pair allegedly lured investors into putting more than $3.3 million into a supposed renewable energy project in Montana that never materialized.
According to a statement released by the New Jersey Attorney General’s Office, the two were indicted on multiple counts, including second-degree securities fraud, theft by deception, and misconduct by a corporate official.
Goldstein also faces ten tax-related charges for allegedly filing false returns and failing to pay taxes between 2020 and 2024.
Investigators say Goldstein and Mandell claimed BPE was worth up to billions of dollars, had secured land in Montana for wind and solar projects, and was close to closing major business deals.
Prosecutors contend none of those claims were true. Instead, most of the money was allegedly used for personal expenses, including luxury cars, large cash withdrawals, and the rental of a mansion for Goldstein’s family.
Attorney General Matthew J. Platkin said the defendants “took advantage of a genuine public interest in renewable energy to trick investors into believing their company was a valuable enterprise.”
DCJ Director Theresa L. Hilton added that victims “believed they were investing in a legitimate source of clean energy,” but their funds were allegedly diverted for the defendants’ personal use.
Legal Chief Pablo Quiñones, who oversees the Office of Securities Fraud and Financial Crimes Prosecutions, said the case reflects “the kind of sophisticated financial crimes that this office was formed to investigate and prosecute.”
If convicted, the defendants could each face up to 10 years in state prison and fines of up to $150,000 on second-degree charges.
Deputy Attorney General Jack Daily is handling the prosecution under the supervision of Quiñones and Deputy Legal Chief Brendan Stewart.