Fund Of Fund Manager Caught In Prostitution Bust

Sep 5 2013 | 1:18pm ET

An Oregon fund of hedge funds manager has been arrested in a prostitution sting operation.

James Bisenius is one of nine men nabbed last Thursday by police in Tigard, Ore., a suburb of Portland. Bisenius and his fellow alleged johns were picked up when they arrived at a hotel in the city after responding to online advertisements put up by the police.

It is the second prostitution sting this year in Tigard.

Bisenius is the CEO and chief investment officer of Common Sense Investment Management. The $2.9 billion firm said yesterday that it stood behind him.

"Jim Bisenius' recent personal transgression bears no reflection on this outstanding team of professionals or the quality of portfolio management at CSIM," the firm's president, Dean Derrah, said. "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."

Bisenius' wife, Janet, is the majority owner of Common Sense, which counts a number of prominent endowments and pension funds among its clients. The couple donated $22,000 in 2004 to support a ballot initiative banning same-sex marriage. The constitutional amendment passed.

Bisenius faces up to one year in prison and a $5,000 fine if convicted.

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