Charges were brought following Elsom's spell as president of French club Narbonne between 2015 and 2016.
Backrow forward Elsom, who played 75 times for the Wallabies, was also found guilty of forgery and ordered to pay back 705,000 euros, lawyer Patrick Tabet told AFP.
Elsom, president of the club in 2015-2016, was also accused of having paid 79,000 euros to a former coach when "nothing could justify it" and of hiring for around 7,200 euros a month, an individual living in Australia who "never came to Narbonne" and "did not perform any service" for the club, said the lawyer.
The president of the court handed down a sentence higher than the prosecutor's request of two years in prison.
Narbonne, champions of France in 1936 and 1979, were placed in liquidation and relegated in 2018, after years of financial difficulties.
