Schwartz was also ordered Wednesday to pay $8.6 million in restitution, according to The Hollywood Reporter.
Schwartz had previously requested a sentence of one year and one day behind bars followed by another year of house arrest and 2,000 hours of community service when he pleaded guilty in January to stealing more than $6.5 million from various clients, including $4.8 million from Morissette.
Morissette wanted a more serious punishment for Schwartz, taking the stand to ask the court Wednesday to order "a sentence that sends a crystal clear message," Rolling Stone reported.
Schwartz's former partner Bernard Gudvi also took the stand stating, "It's important for our industry to know you can't take money out of people's accounts."
A former partner at GSO Business Management, Schwartz handled Morissette's finances between 2009 and 2016. When confronted about siphoning her money into his own accounts, Schwartz lied and said he was investing the money into illegal marijuana-growing businesses.
"I lied repeatedly to the people who mattered most to me," he said in court. "I alone am responsible for the devastation I have caused. Regardless of how long I spend in prison, I will serve a lifetime sentence of shame."