Jonathan Todd Schwartz, 47, wept and apologised at the hearing on Wednesday, saying he took full responsibility for his behaviour and would have a life of shame because of it.
“I alone am responsible for the devastation,” he said, adding: “I will spend the rest of my life asking for forgiveness.”
He could have faced more than 20 years in federal prison after pleading guilty to wire fraud and tax crimes but judge Dolly Gee hewed to sentencing guidelines that suggested around five to six years.
In a victim statement at the hearing, Morissette had urged a stiff sentence, saying Schwartz had stolen her trust and her money for years.
“He did this in a long, systematic, drawn-out and sinister manner” that would have bankrupted the singer within three years had the thefts continued, Morissette said.
Schwartz acknowledged stealing nearly $US5 million from Morissette between May 2010 and January 2014 and more than $US2 million from five unnamed clients when he worked at GSO Business Management, a firm that touted relationships with entertainers such as Katy Perry, 50 Cent and Tom Petty.
Schwartz was a high-flying partner making $US1.2 million a year, according to court papers.
His crimes cost the firm at least $US2 million above what insurance covered, led to layoffs of about a dozen employees, and is expected to cause about $US20 million in financial fallout because of the blow to the firm’s reputation, according to founder Bernard Gudvi.
The embezzlement was discovered by a new money manager Morissette hired.
When the firm was contacted about the apparent theft, Schwartz made “wild accusations” that his former client was in the throes of drug addiction and mentally unstable, Gudvi said.
Schwartz also falsely claimed he invested the money in an illegal marijuana growing business.
Schwartz has blamed the crimes on a gambling addiction but prosecutors said he took the money to finance a lavish lifestyle and never showed sincere regret.
Schwartz had offered financial guidance to some of the biggest stars and was said to represent Beyonce and Mariah Carey, who both appeared at a fundraiser last year in support of a heart disease charity he founded.
Source: Singer’s ex-manager jailed for $US7m theft | Perth Now
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