The CEO of an Australian company that planned to purchase Saddleback Mountain Resort in Rangeley was arrested in his home country last week on fraud charges. Credit: Courtesy of Saddleback

RANGELEY, Maine — The Australian developer who’s buying Maine’s Saddleback Mountain ski resort has been arrested after a raid on his offices in his home country.

Australian news media report that Sebastian Monsour was charged Thursday with investment fraud after a search warrant was executed.

[Despite lawsuit, prospective Saddleback developer says he’s still committed to deal]

Monsour is CEO of the Majella Group, which is in the process of buying Saddleback.

The Rangeley ski resort has been closed for several seasons. Owners Bill and Irene Berry announced a year ago that they were selling to Majella Group.

[Prospective Saddleback buyer disputes claim that he just wants resort for immigrant visas]

Monsour, who was held without bail, promised to make the mountain the “premier ski resort” in North America and to restore the 300 seasonal jobs. It was unclear if Monsour had an attorney; a message left with his company’s U.S. offices wasn’t immediately returned.

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