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Business and Economy

CEO Of Company Buying Saddleback Resort Accused Of Fraud

Saddleback.JPG
Fred Bever
/
Maine Public
The Saddleback Mountain ski resort as it appeared in June of 2017.

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.
 
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.
 
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.