Today, a federal jury found Sen. Ted Stevens (R-AK) guilty on all seven counts of making false statements on his financial disclosure regarding “$250,000 in home renovations and other gifts he received from an oil contractor.” According to the AP, Stevens “faces up to five years in prison on each count, but under federal sentencing guidelines, he would likely receive much less prison time, if any.” Watch MSNBC’s report:

UPDATE: Stevens is currently locked in a tough re-election race against Democrat Mark Begich, and the Hill observers that the verdict could “spell the end of a 40-year…career for a man” who is currently the Senate’s longest-serving Republican.

UPDATE II: Sarah Palin has not yet released a statement on the Stevens verdict. Palin once served as director of the 527 group Ted Stevens Excellence in Public Service, Inc. So far, she has also refused to call for his resignation.

UPDATE III: At a July press conference in Anchorage, Palin and Stevens couldn’t stop lavishing praise on one another. Palin said that she had “great respect for the senator. He needs to be heard across America. His voice, his experience, his passion, needs to be heard across America.” Watch it: