The judge also ordered that Field receive credit for the 33 days he has spent in jail and the 15 months he has spent in home confinement, which could reduce the time he will be incarcerated to less than a year.
Maddox called the case a judge's "worst nightmare" of a defendant who admitted guilt but cooperated with prosecutors.
Field must pay $2.8 million in restitution and be placed on five years probation after his release, Maddox ruled.
Maddox ordered that Field, 60, report to prison by Friday. Field could have faced up to 23 years in prison.
He and his attorney declined to comment after the sentencing.
In a hearing at the Anderson County Courthouse, Field apologized for his actions, telling the judge that he was "fully responsible" for what occurred and "terribly sorry" anyone lost money with his firm, Easley-based Capital Investment Funding.
"We're pleased with the sentence," said Creighton Waters, an assistant deputy attorney general who led the prosecution effort. "Arthur Field's going to be going to jail."
Waters also said, "These cases are difficult. They're different from the norm. People who don't have to sit in the judge's chair could state that they wish there was more time given. But the judge considered all the factors, including the fact that Mr. Field did come in, plead guilty, cooperate and was helpful" in the prosecutors' case against a second defendant, Greenville resident Fredrick Scott Pfeiffer.
In a plea agreement with prosecutors, Field admitted to 11 counts of securities fraud, two of conspiracy and one of forgery - all of the charges against him in a state grand jury indictment.
Waters reiterated in court what he told Maddox at a previous hearing - that many CIF noteholders were elderly and financial losses left them depressed, unable to pay doctors' bills and living in poverty.
One noteholder, Buck Buchanan, told the judge that he lost $60,000, which he said took 45 years to save.
"Now it's gone," he testified.
After his wife died, he faced a $320,000 hospital bill without any hope of repaying, Buchanan testified. But after he told hospital officials of his financial situation, they wrote off the charges, he testified.
Court records show a judge approved a mediated settlement agreement in which Field's company acknowledged a judgment of nearly $38.5 million to 688 noteholders and he agreed to resign as the firm's manager.
Court proceedings have shed no light on how much money noteholders might recover.
CIF sold promissory notes to investors, according to court records. CIF then would re-lend money to other businesses, according to prosecutors and court records.
In Pfeiffer's case, he pleaded guilty to two counts of securities fraud and one count of conspiracy and is serving a 10-year prison sentence, which will be suspended once he has served six years.
Wearing prison clothing, Pfeiffer, 47, sat quietly in the courtroom as Field was sentenced.
Field, who according to court records has a doctorate from Clemson University, and his firm became the targets of civil lawsuits and civil and criminal reviews by the Attorney General's Office after Field started dissolving his firm in 2008.
Noteholders' lawsuits against Field and CIF were settled, and accusations in the suits that money was illegally obtained from the public and in some cases laundered through speculative real-estate ventures were dismissed, according to court records.
A state grand jury indictment alleged a pattern of deceit and fraud by Field and Pfeiffer, including not disclosing in a prospectus to South Carolina investors that the president and chief executive officer of Capital Investment's parent company and a CIF director had been removed from those entities for improper financial transactions with money that came primarily from CIF, according to court documents.
The indictment alleged that Field and Pfeiffer hid Field's true business interests in various entities from investors, his partners, the South Carolina Securities Division and others, according to the documents.
Prospective CIF noteholders were warned that their investments weren't guaranteed by any government agency and there were risks involved in purchasing the notes, according to a prospectus provided by Field. They also were told that the securities weren't secured by any of the company's assets.
Pfeiffer was at times an attorney for CIF and had ownership interests and managerial roles in related entities, including Cosimo LLC, which made loans with CIF's investor funds, according to prosecutors and court records.
Field and Pfeiffer, according to a state grand jury indictment, were interested in playing board games with military, historical or fantasy themes. Many of the business entities they formed took their names from those historical or fantasy themes, the indictment alleged.
The two men began to intertwine their business affairs to take advantage of Field's source of funding from CIF's investors, the indictment alleged.