Common Sense Investment Management isn't shutting down, despite media reports to the contrary.
As CNBC.com reported in October, the once $3.7 billion Portland, Oregon-based hedge fund investment firm saw nearly all of its investors redeem following the arrest of founder Jim Bisenius for soliciting a prostitute.
On Wednesday, two media reports said the firm was becoming a family office for Bisenius, which suggested the 30-person shop would no longer manage outside capital. Those reports are inaccurate, according to Common Sense partner Scott Thompson.
"The Common Sense team has no plans to close its doors. Currently the firm is managing in excess of $100 million and has outside capital in the Common Sense Partners and Common Sense Long-Biased strategies which remain open to outside investors. Mr. Bisenius remains involved in the firm," Thompson said an emailed statement to CNBC.com, the first communication from the firm in months.