Racehorse owner Joe Zaiter has been issued with two charges relating to him allegedly failing to report a previous criminal conviction.

Zaiter was issued with two charges by Racing Victoria on Wednesday with the first being that he failed to declare a criminal conviction when registering his part-ownership in six horses between April 2010 and September last year.

Zaiter was convicted around eight years ago in relation to the importation of cocaine into Australia and sentenced to one year in jail.

He is the first person to be charged as part of Racing Victoria's investigation into BC3 Thoroughbreds and the conduct of its racehorse ownership business.

BC3 Thoroughbreds collapsed in December and went into voluntary administration.

Zaiter has also been charged with making false statements regarding his criminal history during the stewards investigation.

Racing Victoria has been conducting an extensive investigation into BC3 Thoroughbreds which remains on-going with over 40 people having been interviewed and one million pieces of data collected for analysis.