The Professional Jockeys Association said it was "bitterly disappointed" Michael Stainton was still found guilty of committing corrupt or fraudulent practices by a British Horseracing Authority appeal panel.
Stainton's appeal was on Wednesday dismissed regarding the jockey's role in the Ad Vitam case - though a separate appeal against the length of his two-year disqualification from racing, which was meted out in October, ''will be considered in due course''.
Towcester chief executive Kevin Ackerman, registered owner Kenneth Mackay and former owner David M Greenwood were also banned for their part in an investigation into six races featuring Ad Vitam at Kempton and Wolverhampton between November 2, 2011 and March 8, 2012.
A disciplinary panel found Greenwood had given Stainton instructions to ride Ad Vitam for ''handicapping reasons'' in order ''to reduce the horse's official rating to a mark at which David Greenwood judged it would be more competitive''.
Greenwood was found to have communicated this information to Ackerman, who placed four lay bets, and Mackay, but no reward was involved.
Ackerman and Mackay were subsequently found in breach of one rule, while Greenwood was found to have broken four rules and Stainton three.
Neither Greenwood nor Stainton were found to have acted in breach of the rules for the purpose of a lay betting conspiracy.
PJA chief executive Paul Struthers said: "We appreciate the diligence of the appeal board and the speedy announcement of such a detailed result.
"We are grateful to them for that, but we are still bitterly disappointed with the result.
"The fact remains that the central allegation made by the BHA - that Ad Vitam was stopped for lay betting purposes - was found not to be the case.
"Having been found innocent of this very serious charge, Michael was instead found guilty of what amounts to being instructed to and giving a horse a 'run round' for handicapping purposes in two races, a case we maintain was never put.
"We entirely accept that horses not running on their merits are bad for the sport. We cannot and do not condone it, whatever the purpose, even if it is a jockey simply doing what he is instructed to do. However, such instances should be dealt with and punished by the very penalty structure that exists for that offence.
"There is a stand-alone penalty that deals with the offence Michael has actually been found guilty of, and that is a suspension of 28 to 90 days for a first offence, and double that for a second offence. Instead, Michael is now disqualified and unable to earn a living for two years.
"If the BHA wishes to treat all instances like this as corrupt or fraudulent then that change of policy should be decided and agreed through the usual channels and formally announced to the sports' participants.
"It is in our view entirely wrong for the disciplinary panel to take that policy decision for the BHA.
"There are further aspects of this case of significant concern and we will feed those into the ongoing integrity review.
"We remain hopeful that the findings and recommendations of the integrity review address these ongoing concerns and can help restore participant confidence.
"Changes cannot come soon enough."