Billy Hagstrom – Fraud & Breach of Fiduciary Duty (Update 2024)

Billy Hagstrom is the co-founder and CEO of Bluestem Biosciences. He is facing a lawsuit for wrongfully terminating and defrauding another executive. 

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The Cannabis entrepreneur was a defendant in the case Brian Lannon had filed. Brian, the former CEO of Cannalysis, filed the suit alleging breach of fiduciary duty, fraud and wrongful termination. 

Note that Brian had co-founded Cannalysis and filed the suit after the company fired him following an acquisition deal. 

According to the lawsuit, Brian alleged that his ouster was unlawful. Moreover, he said they fired him after a secret meeting of the shareholders where he wasn’t present. 

Billy Hagstrom
A photo of Billy Hagstrom

In the meeting, they removed Brian Lannon from the board of directors and terminated his role as Cannalysis CEO. 

Brian said the company refused to honor his requests for corporate records as well.

Billy Hagstrom was a major part of this ordeal. He was among the spearheaders of the acquisition deal. 

2/12/2023 Update
As of now, Billy Hagstrom has not responded, nor has he apologized for his misdeeds. He has ignored our efforts to highlight the problems faced by his victims. Furthermore, he has only focused on propagating his fake PR.

Brian alleged that Cannalysis made multiple purchases using his credit card. Then, Billy Hagstrom and others began recouping their costs through falsified company records hoping to bring more investment. 

Note that Cannalysis attracted a lot of attention in 2019 when it received $22.6 million from CanLabs. The company removed Brian from his post 2 months after this deal. 

Billy Hagstrom bluestem biosciences

More Details on the Lawsuit Against Billy Hagstrom:

Billy Hagstrom bluestem biosciences

In the lawsuit, Brian alleged that Billy Hagstrom, Gary Hopkinson and other defendants used a ‘divide and conquer’ strategy. 

They got multiple shareholders to participate in their unlawful scheme by offering numerous financial incentives. Then, Billy and others organized a secret meeting of Cannalysis Lab’s shareholders. 

They removed Brian Lannon from the firm’s board of directors in that meeting. 

Furthermore, Billy Hagstrom’s new board ‘unanimously’ decided to remove Brian as the firm’s CEO.

Billy and others had not even given Brian an opportunity to vote on either of these actions. 

At the time, Billy Hagstrom was a part of Bedford and CanLab. 

Note that Brian had launched Cannalysis Labs in 2015 and played a major role in the company’s success. 

In the lawsuit, Brian alleged that CanLab had started using inaccurate financial projections to potential investors. This led to disagreement between Brian and other defendants. 

Before CanLab invested in Cannalysis, both of them negotiated the ownership stake extensively. 

Finally, they decided that CanLab would get 44% of Cannalysis’ total outstanding shares. 

Later, they sent Billy Hagstrom to Cannalysis offices under the pretense that he will act as a liaison with CanLab. 

However, he had actually arrived to recruit other shareholders and officers to oust Brian as the company’s CEO. He quickly induced Tom Autera by promising a payment of a $250,000 bonus. 

Billy used similar tactics to win over other shareholders and officers.

Brian points out that Billy Hagstrom had helped CanLabs  and others in breaching their fiduciary duty. He gave substantial assistance and encouraged them to run this illegal scheme

If you’re interested in learning more about the lawsuit, you can check out the file below:

“Billy Seized the Job for Himself”

After Cannalysis fired Brian Lannon from his role as the CEO. The company appointed Billy Hagstrom as its new CEO. 

He enjoyed the position for over a year. You can understand why he played such an active role in removing the company’s original founder from itself. 

There are plenty of shady executives who rely on unethical business practices.

For example, Anidjar and Levine is a prominent law firm which used multiple illegal tactics to make sure their competitor couldn’t get new clients. They started threatening businesses that if they work with their competitor, Anidjar and Levine wouldn’t work with them. 

If you have sensitive information or have had a personal experience with Billy Hagstroam but want to stay anonymous, then submit it using our secured form. You can connect with our expert contributors and help in finding the truth. We never share your information with 3rd parties.

You should be extremely cautious of such people and enterprises. They are way too selfish to care about ethics. 

Billy Hagstrom: Bluestem Biosciences, Experience and Qualifications

Billy Hagstrom worked in asset management and investment banking for more than ten years before moving to Nebraska. In 2006, he graduated from Northwestern University in Evanston, Illinois, with a Bachelor of Arts in Economics.

After looking into the market potential of synthetic biology, Hagstrom claims he became very interested in biomanufacturing. 

Then, he started a hostile takeover of a cannabis company (Cannalysis Labs) and became its CEO. 

After Cannalysis, he worked at Green Plains Inc as its Executive VP – Strategy & Development. He was also the Billy Hagstrom Green Plains Senior VP.

Hagstrom and Tyler Autera set up Bluestem Biosciences, Inc. in January 2022. He claims he started Bluestem to promote sustainable biomanufacturing in the Midwest. However, it’s worth noting that Tyler Autera was a defendant in the lawsuit as well. 

The launch of Bluestem Biosciences just goes to show how close these two were. It indicates that Billy and Tyler might have surely conspired together for their unlawful scheme.

Conclusion

After reviewing the above points, it’s certain that Billy Hagstrom is a shady businessman. 

He doesn’t hesitate to use unethical and even illegal business tactics to get what he wants. 

Not only is this scary but also alarming. Investors and employees alike, should stay away from dealing with this guy. 

2 Total Score
Beware

Billy Hagstrom is facing a lawsuit for fraud and abetting breach of fiduciary duty. Apparently, he played a major role in the wrongful termination of Cannalysis Labs’ former CEO. Now, he has launched Bluestem Biosciences with his partner in crime.

2.8Expert Score
Trust
2.9
Experience
3.5
Professionalism
2.2
Ethics
2.5
1.1User's score
Trust
1
Experience
1.4
Professionalism
1
Ethics
1.2
PROS
  • None
CONS
  • Fraud
  • Abetting breach of fiduciary duty
  • Deceptive
  • Engages in unethical business practices
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12 Comments
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  1. Make sure you are far away from any of the deals this man has because of his nefarious business deals he is very much infamous.

  2. Brian suffered a lot, this was miserable for him.

  3. My personal experience has taught me a lot about these fraudsters, ready to cheat their business partners no matter how long they were together, money is the only thing they want.

  4. Avoid this man for any of the investment schemes, I have seen people like them filled to scam others.

  5. It is essential to take over a look at these people and whether they have again started these fraudulent businesses, after being fired from the post it is very much considerable to have a check on them.

  6. The company had fired him, this was the correct step taken by the company and people like these shouldn’t be provided with such higher posts to perform scams and demolish the firm’s popularity.

  7. Here we can know about his character and real personality because he is scamming his partner WTF, this man is not trustable, at all.

  8. 0.5
    Trust
    10
    Experience
    10
    Professionalism
    10
    Ethics
    10

    Wait and watch. You can only get away with illegal tactics so much. He will get caught eventually.

    Helpful(0) Unhelpful(0)You have already voted this
  9. 0.6
    Trust
    10
    Experience
    20
    Professionalism
    10
    Ethics
    10

    Not only is this unfortunate but also extremely sad that someone like Billy can take over a company so easily and remove the people who actually care about the company.

    Helpful(1) Unhelpful(0)You have already voted this
  10. 0.5
    Trust
    10
    Experience
    0
    Professionalism
    10
    Ethics
    20

    Billy Hagstrom and Tyler Autera conspired together to steal the ownership of Cannalysis. They had to leave the company because they just couldn’t run a successful business. Now they have launched yet another shady business and only God knows what they are planning to do with it.

    Helpful(2) Unhelpful(0)You have already voted this
  11. 0.75
    Trust
    20
    Experience
    20
    Professionalism
    10
    Ethics
    10

    The writings on the wall. Hagstrom did everything in his power to steal the ownership of Cannalysis.

    He is a greedy businessman who has no morals or ethics.

    + PROS: None
    - CONS: Manipulative Cheat Liar
    Helpful(3) Unhelpful(0)You have already voted this
  12. 0.5
    Trust
    0
    Experience
    20
    Professionalism
    10
    Ethics
    10

    Billy Hagstrom wrongfully took over Cannalysis. He is a fraud and a crook. Authorities should look into his affairs because it’s very difficult for a man like him to run a legitimate enterprise.

    + PROS: None
    - CONS: Scammer Fraud
    Helpful(4) Unhelpful(0)You have already voted this

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