RANGELEY (AP) — 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.

Sebastian Monsour, left, chief executive officer of the Majella Group based in Australia, talks with people at a June 2017 news conference about the group buying Saddleback Mountain Resort in Sandy River Plantation. (Sun Journal file photo)