Defence lawyer, Pip Hall QC said Sullivan should have, and tried to say "no" to Mr Hubbard, but instead "went out of his way to fix the unfixable".
Sullivan was sentenced to 12 months' home detention and 400 hours of community work.
He's spent $2m on legal bills and has already settled a civil claim against him for a "substantial sum of money", the court heard.
No reparation was sought by the Crown.
It came after a lengthy and complex trial where Sullivan was found guilty on five charges of making false statements in offer documents and obtaining by deception.
But he was cleared of the trial's most serious charge of being complicit in deceiving the Crown into allowing SCF into the retail deposit guarantee scheme, where 35,000 investors were bailed out by the taxpayer to the tune of $1.6 billion - of which $800 million was recovered - when the company collapsed on August 31, 2010.
See video - South Canterbury Finance verdicts
Sullivan's co-accused, former SCF chief executive Lachie McLeod, 50, and accountant Robert White, 70, were acquitted on all charges.
Crown lawyer Colin Carruthers QC today pushed for Sullivan to be jailed, saying his offending was serious and prolonged - from September 2006 to February 2010.
The fact that there was no loss to investors occurred only because of the Crown's retail deposit guarantee scheme, which was "purely fortuitous from Mr Sullivan's perspective", Mr Carruthers said.
Sullivan was described as a hard-working family man, "widely-regarded as a man of honesty and integrity".
Mr Hall said matters have taken an "enormous toll" on Sullivan and his family.
"He is not the man he was four years ago. Some would say he is a broken man," Mr Hall said.
Justice Heath was particularly touched by the good Sullivan has done for his community over the years, as a lawyer, but also through his "extensive work" with Order of St John.
The judge saw no benefit to society in jailing Sullivan, despite concluding that he lacked remorse and remained in denial.
Sullivan refused to comment as he left court, flanked by two of his sons.
The SFO indicated an appeal was possible, saying it was "presently considering the sentence".
