City News Service says Jerry Goldman received a 27-month sentence Monday. He also was ordered to pay about $840,000 in restitution.
Prosecutors claimed that between 1998 and 2011, Goldman inflated premiums by as much as 600 percent and created phony invoices to hide the scam.
The original indictment claimed that Goldman also bilked others including Andy Summers, the former guitarist for The Police.
The 60-year-old Thousand Oaks man pleaded guilty in April to mail fraud involving Hanks and Wilson.