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But he will not play for the club until after any appeal has been heard. He has also been fined two weeks' wages.
In a statement released on Wednesday afternoon, Bolton said that although they had supported Tofting before the conviction, they would now be reviewing their position.
"Bolton have supported Mr Tofting prior to yesterday's conviction and in light of the pending appeal will now be reviewing their position," said the club.
"The club wishes to make it clear that in no way does it condone the actions of Stig Tofting or any employee whose behaviour, whether it be whilst on business or outside working hours, is of the nature that Stig Tofting was convicted for.
"Disciplinary action will be taken by the football club which will be appropriate for the severity of this case.
"The club has no precedent for disciplinary action of this nature and will take the necessary amount of time needed to make its decision."