Arnold's co-accused are awaiting trial over the case and cannot be named for legal reasons.
After multiple attempts to retrieve the drug haul in Australia,including at a bungled meeting in a Perth cafe in December 2017,Arnold and his co-accused traveled to Serbia where a planned exchange of money for the cocaine was to take place.
Arnold and his co-accused attended The Hotel Metropole in Belgrade on January 16,2018,where they met undercover operatives,with Arnold bringing a bag containing more than €600,000 in cash.
The group expected to hand over the money and discuss how the remaining amount would be paid to retrieve the cocaine in Australia. Instead they found themselves face down on the carpet of the hotel lobby when the meeting was stormed by police.
After his arrest Arnold was extradited to Australia,a journey which included an extraordinary sightseeing tour of Paris under federal police escort.
Arnold's various business interests and experience in property development,the steel industry and the livestock trade were purportedly key to his alleged involvement in the importation.
On Thursday the court heard Arnold's defence submission that he was little more than a"delegate or agent"to the principals of the conspiracy and that his role was"akin to an adviser providing logisitics advice."
It has previously been revealed that Arnold described himself as a"white-collar successful businessman"to other members of the syndicate and that he attempted to"get this group to make decisions like a board".
Judge Culver ultimately determined that while Arnold had strong prospects of rehabilitation and had a low risk of reoffending,his case must act as a deterrent to the community.
"This is a case deserving punishment,despite any insight and contrition shown by the offender,"she said,adding that the sentence included a 25 per cent discount for his plea of guilty at the earliest opportunity.
Family and friends were in court to support Arnold,including two of his daughters who cried out as the decision was handed down.
He will be eligible for parole on July 15,2037.