Inderpul Narula and Royston Heaton ran west London-based Mail Logistics, which offered companies low prices for bulk international post delivery.
Rather than deliver the mail, the two arranged for it to be dumped in huge skips by a third man, Zhivko Antov.
Narula and Royston, who were estimated to have netted as much as 3m between them, were jailed following an investigation by the Police and Royal Mail.
The three defendants admitted conspiracy to de-fraud between 1 March 2001 and 15 May 2002, with Narula and Heaton ordered to pay 500,000 and 400,000 compensation respectively.
Antov was given a nine-month sentence, suspended for one year, at Southwark Crown Court.
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