Racehorse syndicators Dean and Adam Watt have been fined $20,000 after a stewards' inquiry found they registered website domain names designed to mislead visitors.

Found guilty of improper conduct at a Racing NSW stewards' hearing earlier this month, the Watts have lodged an appeal against the findings that they registered thoroughbred industry-related domain names.

Dean Watt is the managing director of Dynamic Syndications and his son Adam is an employee of the business which publicly sells shares in racehorses.

Stewards found the Watts acted improperly in setting up websites relating to premier Sydney trainer Chris Waller and rival syndication firm Triple Crown Syndications.

Dean Watt was fined $5000 while Adam Watt was slugged $2500 for setting up a website branded Chris Waller Racing without the trainer's permission.

Stewards also fined Dean Watt $10,000 for creating a website with Triple Crown Syndications branding and they again fined his son $2500.

"The strategy was designed in form and content to mislead visitors to the (Triple Crown) site into believing that the website was owned and operated by Triple Crown Bloodstock Pty Ltd and could result in those website visitors being encouraged, enticed or invited to purchase shares of a horse syndicated by Dynamic Syndications," a stewards statement read.