The Tynecastle side were docked 15-points and banned from registering new players by the Scottish Premier League after calling in accountancy firm BDO.
But the SFA are now expected to launch their own disciplinary proceedings after the club broke strict insolvency rules.
Among the penalties the governing body could hand out are a censure, a fine or an extended signing embargo.
BDO's Bryan Jackson claimed it could be a disaster for the club if a financial punishment was meted out and Locke echoed those sentiments.
The Gorgie boss said: "We have been punished and rightly so. I'm not going to make any excuses.
"But do we have to get punished for the same thing twice?"
- Sports & Recreation
- Scottish Premier League