Joe Zaiter has been fined $3500 for failing to declare a criminal conviction under the terms of racehorse ownership.
Zaiter, who did not appear at Thursday's hearing before Racing Victoria's Racing Appeals and Disciplinary Board, pleaded guilty to two charges through his legal representative.
RV uncovered his deception as part of their investigation into the collapsed BC3 Thoroughbreds.
Zaiter was convicted of cocaine importation in 2006 and sentenced to 12 months jail.
He has until the end of July to pay the fine.