New Jersey Officials Indict executives in Alleged $Multi-Million Renewable Energy Fraud
TRENTON, NJ – New Jersey Attorney General Matthew J. Platkin announced today the indictment of two Essex county executives accused of defrauding investors in a purported renewable energy scheme. The indictment alleges that Jonathan Goldstein, Chief Executive Officer, and Joseph Mandell, a senior executive, of Breezy Point Energy Corp. (BPE) misled investors out of millions of dollars with false promises related to a renewable energy project in Montana.
“This indictment demonstrates our unwavering commitment to protecting New Jersey residents from financial exploitation,” stated Attorney General Platkin. “This office will always work to protect the public from such schemes.”
According to the indictment, between July 2019 and May 2025, goldstein and Mandell allegedly induced investors to purchase shares in BPE and fund a renewable energy project in Montana by making a series of false representations.These included claims that BPE had a market value ranging from $10 million to billions of dollars, had acquired land in Montana, and was on the verge of lucrative business deals. However, authorities state BPE never actually acquired or controlled any land in Montana for renewable energy development.
Legal Chief Pablo Quiñones of the Office of Securities Fraud and Financial Crimes Prosecutions (OSFFCP) emphasized the meaning of the case. “The securities fraud scheme set out in the indictment allegedly harmed victims by exploiting their interests in developing green energy with empty promises of high investment returns,” quiñones said. “This case illustrates the types of elegant, financial crimes that this office was formed to investigate and prosecute, and our continuing effort to hold high-level executives accountable.”
Investigators allege that the funds provided by investors were largely diverted for personal use by Goldstein and Mandell. This included substantial salaries for the defendants, the rental of a mansion for Goldstein and his family, the leasing of luxury vehicles, and significant cash withdrawals.
Goldstein and Mandell face second-degree charges, carrying a potential sentence of five to ten years in state prison and a fine of up to $150,000. They also face third-degree charges, which carry a potential sentence of three to five years in prison and a fine of up to $15,000.
Deputy Attorney General Jack Daily is prosecuting the case under the supervision of Legal Chief Quiñones and Deputy Legal Chief Brendan Stewart.
The investigation was conducted by detectives and investigators within the Division of Criminal Justice assigned to the OSFFCP, including Detective Stephen Kircher and Special investigators Sean McCarthy, Stephen Minikel, and Jordan Goodman, with assistance from investigators with the New Jersey Division of Taxation. The Attorney General’s Office specifically thanked the New Jersey Division of Taxation-Office of Criminal investigations, and also the north Caldwell Police Department, and several Montana County Attorney’s Offices (Gallatin, Flathead, Glacier, Missoula, Yellowstone) and the New York County District Attorney’s Office for their cooperation.
The investigation is ongoing, and anyone with details is encouraged to contact the DCJ’s tip line at (800) 277-2427 or email the OSFFCP at OSFFCP@njdcj.org.
It is significant to note that the charges are accusations, and the defendants are presumed innocent until proven guilty in a court of law.
Goldstein is represented by Gerald Krovatin Esq. of Newark. Counsel for Mandell is currently not listed.
