Nicholas Hankin, of Gwenfro Community Primary School, Caia Park, was suspended on 2 December.
His solicitor, Tudor Williams, said Mr Hankin had been teaching for 20 years, had an "umblemished record" and was being "scapegoated".
A Wrexham council spokeswoman said they were unable to comment. North Wales Police is investigating.
Auditors have been called in to examine the school's accounts.
Mr Hankin was appointed head teacher earlier this year after serving as head at Brymbo primary school.
A head teacher from Wrexham has been suspended after allegations that money was unaccounted for at his school.