Dennis Yeates, president of the ACCA in 2006, was sentenced to eight months in prison suspended for two years after pleading guilty at Warwick Crown Court.
He was also ordered to undertake 180 hours of unpaid work, to be completed by January 2011.
According to the Coventry Telegraph, Yeates, also a former NHS Trust finance chief, duped his wife and stepchildren into investing £20,000 in a share deal. However, Yeates was instead using the money to fund a holiday to China and his mistress in London.
An ACCA spokesman says: “Whilst we are very sad to learn of this story, any member who misappropriates funds is liable to disciplinary action by ACCA. The matter is being looked into by ACCA’s professional conduct team and ACCA will not therefore be making any further comment until this matter has been concluded.”