Our firm is investigating PFS Investments Inc. broker and Primerica Advisors investment adviser representative Michael MacDonald (CRD# 2329652) of Albany, New York for potential investment-related misconduct.
According to his FINRA BrokerCheck report, MacDonald is currently registered with PFS Investments Inc. and Primerica Advisors. His BrokerCheck record reflects one pending customer dispute.
Financial Advisor’s Career History
According to his FINRA BrokerCheck report, Michael MacDonald has been associated with:
- PFS Investments Inc. — registered since 03/25/1993
- Primerica Advisors — registered since 08/03/2021
FINRA reports no previous brokerage-firm registrations for MacDonald. His employment history states that he has worked in sales for PFS Investments Inc. since January 1993 and Primerica Financial Services since July 1992.
MacDonald also reports investment-related sales activities involving companies affiliated with PFS Investments. His disclosed outside business activities include Triple MK, LLC, where he is a partner in an entity used for income from commercial office property.
Michael MacDonald Allegations and Investor Complaint Explained
FINRA BrokerCheck reflects one pending customer dispute reported for Michael MacDonald.
According to the disclosure, a customer alleges that MacDonald recommended transferring trust assets from one mutual fund family to another mutual fund family, causing the customer to incur substantial and allegedly avoidable capital gains taxes in 2025.
Customer Complaint: Alleged Mutual Fund Transfer Resulting in Capital Gains Taxes
The BrokerCheck disclosure identifies PFS Investments Inc. as the employing firm when the activities giving rise to the complaint allegedly occurred.
According to FINRA, the customer alleges that MacDonald’s recommendation to transfer trust assets between mutual fund families resulted in substantial and avoidable capital gains taxes.
The disclosure provides the following information:
- Disclosure Type: Customer Dispute — Pending
- Firm involved: PFS Investments Inc.
- Allegations: Recommendation to transfer trust assets from one mutual fund family to another allegedly caused substantial and avoidable capital gains taxes in 2025
- Product Type: Mutual Fund
- Alleged Damages: $300,000
- Date Complaint Received: 06/23/2026
- Complaint Pending: Yes
- Written Complaint: Yes
- Oral Complaint: No
- Arbitration or Civil Litigation: No
Disclosure Summary
- Customer Dispute — Pending
- Firm: PFS Investments Inc.
- Allegation: A recommendation to transfer trust assets between mutual fund families allegedly generated substantial and avoidable capital gains taxes
- Year of alleged tax consequences: 2025
- Product: Mutual Fund
- Alleged damages: $300,000
- Complaint received: June 23, 2026
- Written complaint: Yes
- Arbitration/civil litigation: No
- Status: Pending
Conclusion
Investors evaluating these allegations should remember that the customer complaint against Michael MacDonald remains pending.
FINRA explains that a pending disclosure involves allegations that have not been proven or formally adjudicated. A pending matter may ultimately be withdrawn, dismissed, resolved in favor of the broker, or concluded through a negotiated settlement without an admission or finding of wrongdoing.
Investors considering doing business with Michael MacDonald may want to review his complete FINRA BrokerCheck report under CRD# 2329652 for the most current information concerning his registration and disclosure history.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
Investment recommendations involving the movement of assets between mutual funds can have financial and tax consequences for investors. Factors such as an investor’s objectives, account structure, existing cost basis, potential taxable gains, and the benefits and costs of a proposed transaction may be relevant when evaluating a recommendation.
In MacDonald’s reported complaint, the customer specifically alleges that a recommendation to transfer trust assets from one mutual fund family to another resulted in $300,000 in alleged damages associated with substantial and avoidable capital gains taxes in 2025. These are allegations, and the complaint remains pending.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, unsuitable recommendations, and other investment-related misconduct. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis.
Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.
Short version:
PFS Investments broker and Primerica advisor Michael MacDonald (CRD# 2329652) faces a pending customer dispute alleging that a recommended transfer of trust assets between mutual fund families caused $300,000 in substantial and avoidable capital gains taxes. Affected investors may be able to recover losses.