Sebastian Monsour has been arrested and charged with investment fraud after a Thursday raid on his offices in Spring Hill, Australia. Bangor Daily News reports the Australian developer and CEO of the Majella Group, which is in the process of buying Saddleback Ski Resort is being held without bail.
The Rangeley, Maine ski resort had been closed for several seasons when owners Bill and Irene Berry announced last year that they were selling to Majella Group. Monsour promised to make the mountain the “premier ski resort” in North America and to bring back 300 seasonal jobs to the local economy. It is unclear if the fraud charges are related to the ski resort purchase. We will update as news comes in.
VIDEO FROM LOCAL NEWS ABOUT THE PURCHASE
This in an excerpt from Saddleback’s website about the Monsour:
“Sebastian Monsour and his father Frank discovered Maine in 2011. The pair spent a few nights on the Portland waterfront and quickly fell in love with the city and its surrounding area. Agreeing that Maine was a spectacular place with great, untapped potential, they started to create a vision for investing in the area.
In 2011, Professor Frank Monsour purchased the Williston West Church in Portland, Maine, for his wife, Elizabeth, and began renovations to include offices and accommodation for the Majella Group. Several years later, son Sebastian toured the Western Mountain region with retired Maj. Gen. John W. Libby and Majella CEO – Western Region and former Portland Fire Chief Fred LaMontagne. Sebastian became captivated by the natural beauty and historic significance of the Rangeley Lakes Region and Saddleback’s unique potential.”
