Gerhard Gribkowsky was on Wednesday sentenced to jail by a Munich court.
The guilty verdict could have serious implications for F1 chief executive Bernie Ecclestone, who admits to paying millions to the former BayernLB banker.
Gribkowsky was sentenced to eight and a half years in jail for crimes including bribery, for the $44 million received from Ecclestone.
In closing arguments earlier Wednesday, the German prosecutors described Ecclestone as an "accomplice", not a victim of extortion as claimed by the 81-year-old Briton.