Henry McClelland, chairman of Annan Athletic, has been issued with a notice of complaint by the Scottish Football Association after being accused of breaching strict rules on gambling.
He is alleged to have placed more than 550 bets involving his own team, including four placed against the club.
In total, he is said to have placed 4,011 bets dating back to July 2011.
Mr McClelland was elected to Dumfries and Galloway Council at last week’s council elections.
He did not respond to a request for comment last night. He has until next Tuesday to respond to the SFA notice of complaint, with a principal hearing set for Thursday, 1 June.
Also charged yesterday was Inverness midfielder Lewis Horner, who is alleged to have placed 12 accumulator bets during the period from 1 July, 2011 to 30 June, 2012, including two which featured bets against his own club.
In a statement, his club said the player had previously suffered from problems with gambling and had sought professional help. It added: “He is very contrite and is extremely embarrassed to have brought this upon himself and the club.
“Whilst it is disappointing, he has fully co-operated with the club in this matter and we will offer him all the support possible in dealing with this.
“The matter is still under review and, until such time as that is complete, neither the club or player will be making any further comment.”