Jockey Glyn Schofield has been fined $50,000 for his involvement in the sale of a horse to Hong Kong under a rule he knew nothing about.

Victoria's Racing Appeals and Disciplinary Board on Monday fined Schofield $50,000 over the sale of the Brent Stanley-trained Equita to Hong Kong.

Earlier this month, Schofield was slugged $20,000 by Racing NSW stewards for acting as agent in the sale of Lil Caesar to Hong Kong, against the conditions of his jockey's licence.

"I haven't been suspended. I haven't been charged with any dishonest practice which is most important because in this game all that you have is your reputation," Schofield said.

"I was ignorant of a rule and with that ignorance comes these charges that I faced.

"I've got my punishment to bear and I have to decide whether I appeal it or not.

"I'm glad that it's finished, but not glad of the outcome."

Equita, part-owned by Racing Victoria chairman David Moodie, was sold to Hong Kong following a Cranbourne trial win last year.

Schofield fronted the RAD Board and pleaded guilty to the trading of bloodstock without the written permission of the governing body, the same rule he was charged under in NSW.

Schofield received a $20,000 commission for his involvement in the sale of Equita who now races as Dancing Flames for Danny Shum in Hong Kong.

In handing down the penalty Judge John Bowman said while Schofield's image had suffered through his involvement in the sale, so too had the image of racing.

He said handing over $20,000 cash to Stanley in the jockeys' car park at Randwick was an especially bad look for racing.

Judge Bowman said the Board accepted Schofield had some ignorance of the rule but the offence was serious and warranted the $50,000 fine.

Schofield has been given three months to pay the fine and is already looking at ways to minimise expenses.

"I was going to fly back to Sydney on Qantas, but now I'm going to give Tiger a look!" Schofield tweeted after the hearing.