A jury found Robinson guilty in September of 11 charges, including bank bribery, wire fraud, conspiracy to commit bank fraud and making a false statement to a financial institution.
Prosecutors say Robinson schemed between 2004-05 to borrow more than $700,000 from a bank in Ankeny, Iowa, with the help of a loan officer. They say he claimed the money was for a business but that he actually bought a condominium, cars, furniture and invested in an energy company.
Robinson was also ordered to pay nearly $1.2 million in restitution.
In the 1989 national title game, Robinson hit two free throws with 3 seconds left to give Michigan a win over Seton Hall. He also spent six seasons in the NBA.