A breach of an Australian rule of racing has cost one of Australia’s leading syndicators $19,000 in fines.
Racing Victoria stewards on Thursday concluded an inquiry into Australian Bloodstock Pty Ltd and their compliance with regulations imposed upon them as an authorised promoter.
Australian Bloodstock, represented by director Luke Murrell, pleaded guilty to six breaches of Australian racing rule 69P(iii).
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The rule states a promoter must obtain approval from the Principal Racing Authority, in this instance Racing Victoria, for each Product Disclosure Statement prior to an offer being made.
The charges and penalties related to various offers made between January and June 2017.
In assessing the penalties, stewards took into account Murrell’s guilty plea on behalf of Australian Bloodstock and that RV had communicated with Australian Bloodstock on multiple occasions between 2015 and 2017 regarding its compliance obligations as an authorised promoter of horse racing syndicates.