Syndicator Jamie Walter has been fined after a complaint from a rival company over an advertisement comparing the two businesses.

Racing NSW stewards held an inquiry on Thursday in respect to the complaint lodged by Dean Watt of Dynamic Syndications over the advertisement for Walter's Proven Thoroughbreds which appeared on a website earlier this month titled "A Telling Comparison".

Walter pleaded guilty to a breach of the rule governing syndicators in that he authorised a statement and/or advertisement titled "A Telling Comparison" without the permission of Racing NSW to do so that would be likely induce people to acquire a share in Proven Thoroughbred horses.

He was found guilty of a second charge of making a misleading statement in connection with the administration and or control of racing, in that he failed to fully disclose and make reasonable comparisons of inclusions in the syndicated share price of the competitor's syndicated horses in a statement and/or advertisement titled "A Telling Comparison".

After taking into account Walter's long standing good record in the industry and his guilty plea in respect to the first charge he was fined $1000, with $500 stayed for 12 months as long as he commits no further breach.

He was fined $1000 on the second charge.