Vicki Renae Maxwell was also ordered at her Monday hearing to repay the magazine $100,000. Maxwell has paid $10,000 and is make monthly payments of $571.13.
Maxwell was office manager for the magazine, which is based at the University of Central Arkansas in Conway. The Oxford American was rescued by a $100,000 pledge from an anonymous donor and a $140,000 loan by the university.
UCA spokesman Warwick Sabin, who is publisher of the magazine, says the publication is still repaying the loan from the school.
The magazine was originally backed by writer John Grisham, who for a time was its publisher.