Richard Heene, 48, will serve 90 days in jail, 30 of which will be actual jail time and the other 60 can be work release so he can work as a construction contractor while doing his time.
Mayumi Heene, 45, was sentenced to 20 days in jail.
Larimer County District Judge Stephen Schapanski also sentenced Richard and Mayumi Heene to four years of strict probation and ordered both to pay restitution for the rescue efforts involved in chasing the homemade helium balloon they claimed was carrying their 6-year-old son Falcon.
Judge Schapanski also imposed conditions on their probation that forbids both from profiting from the balloon spectacle in any way for four years.
Judge Schapanski ordered Mayumi Heene to serve 20 days in jail after her husband completes his sentence. Her time served is flexible - she can report to jail on 10 weekends, for example - so the couple's three children are cared for, the judge said.
"What this case is about is deception, exploitation - exploitation of the children of the Heenes, exploitation of the media and exploitation of people's emotions - and money," Judge Schapanski said.
Judge Schapanski also said that Richard Heene did not have to start his jail time until after the holidays and his jail time will start on Jan. 11. The work release means Richard Heene can leave the jail to work during the day, but spend his nights in jail.
The amount of restitution will be determined at a later time.
Before the sentencing, Richard Heene spoke before the court, saying he was sorry, especially to the rescue workers who chased down the false reports that the balloon was carrying his son.
Richard Heene choked back tears as he stood before a judge and apologized: "I do want to reiterate that I'm very, very sorry. And I want to apologize to all the rescue workers out there, and the people that got involved in the community. That's it."
Mayumi Heene did not speak at the hearing.
After the hearing, the Heenes walked past a crowd of reporters without comment.
Earlier this year, Richard and Mayumi Heene pleaded guilty to charges they carried out the balloon stunt in October to promote a reality TV show. People around the world were captivated by live video of the balloon as it floated from Fort Collins to near Denver International Airport on Oct. 15.
The Heenes' probation will be revoked if they are found to be profiting from any book, TV, movie or other deals related to the stunt.
"This, in simple terms, was an elaborate hoax that was devised by Mr. and Mrs. Heene," the judge said.
Prosecutors asked the judge for the maximum sentence for the husband, saying that a message needs to be sent to promoters who attempt to carry out hoaxes to generate publicity. Chief Deputy District Attorney Andrew Lewis also asked for full restitution to reimburse authorities for the cost of investigating the hoax - an amount that could exceed $50,000. Earlier this week the Larimer County Sheriff's Office sent the Heenes a $42,000 bill.
"People around the world were watching this unfold," he said. "Mr. Heene wasted a lot of manpower and a lot of money in wanting to get himself some publicity."
He added, "Jay Leno said it best when he said, 'This is copycat game.' And people will copycat this event. [The Heenes] need to go to jail so people don't do that."
He portrayed the Heenes as growing increasingly desperate as their pitches for a reality TV show kept getting turned down by networks - and the family fell deeper into a financial hole. Lewis said the Heenes set in motion the balloon hoax on Oct. 15 as a way to jumpstart the effort and get some attention.
David Lane, Richard Heene's attorney, pleaded for leniency during the hearing with the judge and said that the couple "have learned a lesson they will never forget for the rest of their lives." He also said that if someone has to go to jail, let it be Richard Heene and not his wife.
"That is his plea. That would be something of a Christmas miracle if that can occur," he said.
Afterward, Lane called the judge's sentence for his client "a measured response" -- but said he was surprised Mayumi Heene got jail time.
"This is payback," he said of her sentence.
Lane said the FAA also plans to fine the Heenes $11,000 for disrupting flights. FAA spokesman Les Dorr said he could not confirm that.
Asked by reporters if his client was done with reality TV, Lane joked: "I don't know if they're done with reality television. Is reality television done with them?"
Larimer County Sheriff Jim Alderden said in a statement he believes Judge Schapanski gave a "well-reasoned ruling. The sentence is in line with what we expected and we are satisfied with the result."
At the sentencing, the prosecutor provided a more detailed timeline of the hoax.
He said Richard Heene was working with a collaborator throughout the year to pitch a reality series about madcap experiments and inventions. By late September, it became clear that the networks weren't biting.
At the same time, the Heenes' finances were collapsing - they weren't paying bills, checks were bouncing, and banks were threatening to close accounts, Lewis said.
The Heenes set in motion the balloon hoax in early October as a way to jump-start the reality TV effort and get some attention.
Heene began seeking money to buy helium tanks and studying weather patterns to find the right day for the launch. He eventually settled on Oct. 15; the weather was right, and his kids were home from school with parent-teacher conferences.
The balloon floated away that afternoon with Falcon thought to be aboard. The Heenes first called the Federal Aviation Administration, then a TV station and finally 911.
Authorities launched a desperate search for little Falcon, using military helicopters and a mounted posse, before the boy turned up at home hours later. The Heenes said they realized he had been hiding all along in the rafters after his father had yelled at him for fooling around with the balloon.
The story soon began falling apart, especially after Falcon blurted out to his father during a CNN interview that evening: "You had said we did this for a show."
The parents were brought in for questioning, with Richard Heene feigning sleep during his lie-detector test and claiming his drowsiness was a diabetic reaction, Lewis said.
They were ultimately arrested and pleaded guilty in November under deals with prosecutors that called for up to 90 days behind bars for the husband and 60 days for the wife, a Japanese citizen who could have been deported if convicted of more serious charges.
She pleaded guilty to a misdemeanor of knowingly filing a false report with emergency services, while her husband pleaded to a felony count of falsely influencing authorities.
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