EL&C Baillieu has scheduled a crisis meeting of investors in the Melbourne stockbroker to discuss a sting operation that appears to have caught its head of corporate finance, Stephen Macaw, telling a potential investor to dump recently purchased shares in a float through rival brokers.

Sources said a meeting had been called for Thursday afternoon to discuss secretly recorded conversations with Mr Macaw and his brother Scott that have been circulated in the business community and posted online over the past week.