Dream Chasers Exposes Secret Share Sale at Carver Bancorp
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 16 2026
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Source: Newsfilter
- Secret Share Sale Exposed: Dream Chasers publicly reveals Carver Bancorp's 'Project George,' involving an unauthorized sale of 524,826 shares through a preferred-to-common conversion, aimed at manipulating voting power ahead of the upcoming shareholder meeting, severely undermining market integrity.
- Board Blocks Qualified Nominees: While the Carver board uses technical 'deficiencies' to block qualified nominees like Moishe Gubin, who successfully grew OptimumBank's assets from $100 million to over $1.1 billion, they simultaneously engage in actions that dilute shareholder value, demonstrating a blatant disregard for shareholder interests.
- Legal and Regulatory Violation Risks: Dream Chasers highlights that the board's creation of voting stock through preferred-to-common conversions violates fiduciary duties, and internal uncertainties regarding the 5% Federal Reserve threshold suggest attempts to bypass mandatory Change in Control regulations, exposing them to potential legal action.
- Shareholder Oppression Tactics: The board's actions are accused of willfully unfair conduct aimed at drowning out the 70% retail shareholder mandate, with Dream Chasers warning the board of impending legal actions, including an immediate injunction and a shareholder class-action lawsuit, to protect shareholder rights.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
