Hedge fund founder one of nine men arrested in prostitution sting
- Jim Bisenius, who started Common Sense Investment Management, arrested
- Company spokesman said he will not lose his job over it
By Rachel Quigley Daily Mail PUBLISHED: 5 September 2013
The founder of a $3.2million hedge fund was one of nine men arrested in a sting operation to crack down on prostitution in an Oregon town, according to police.
Jim Bisenius, who started Portland-based Common Sense Investment Management in 1991, was arrested last Thursday with eight other men at a local hotel.
Tigard cops placed advertisements for prostitution services on websites and undercover officers answered responses electronically and by phone.
They then waited for the ‘johns’ to show up at the hotel – the owners of which asked for police help in curbing the prostitution.
The goal of the operation which was to ‘send a strong message that Tigard is not the place to conduct this type of activity’.
A spokesman for the Tigard police told The Oregonian: ‘We placed an online ad and within the first four hours we had arrested seven people. Our decoy officer was getting phone calls almost immediately.’
Common Sense Investment Management told Business Insiderthat Bisenius would not be fired over his arrest.
‘CSIM’s success is about a team of committed and driven investment professionals; not one individual,’ the statement said.
‘Jim Bisenius’ recent personal transgression bears no reflection on this outstanding team of professionals or the quality of portfolio management at CSIM.
‘Going forward, the firm’s partners have decided that Jim will remain in his role as Chief Executive Officer and Chief Investment Officer and he will deal with this recent event as the personal matter that it is.’
Common Sense was the 46th largest fund of funds globally as of December 31, according to ranking by InvestHedge.
The Oklahoma Municipal Employees Retirement fund said it was aware of the situation and is redeeming its approximately $30 million investment.
The other eight men arrested were: James Allen Bisenius, 62, Armando Delcid, 37, Geordie Lance Duckler, 54, Michael Dennis Frost, 40, Lakshmiraghu Kishore Gandham, 31, Evan Douglas Gonroff, 18, Hector Lopez, 32, Jose Manuel Rivera, 25, Steven Alan Steinberg, 43.