The future of Vance Arkinstall as chief executive of the Investment Savings and Insurance Association is being considered by the lobby group's board.
Mr Arkinstall is one of six directors facing charges of misleading investors in Dominion Finance Group and related company North South Finance.
A spokesperson for Association's chairman Sean Carroll says the two men have discussed the legal action, and Mr Carroll was to meet the rest of the board on Friday to consider its options.
The spokesperson says Mr Carroll takes the issue seriously.
Under the charges, Mr Arkinstall faces up to five years in prison and fines of hundreds of thousands of dollars, if found guilty.