WASHINGTON -- A federal jury on Monday found Sen. Ted Stevens (R., Alaska) guilty of seven counts of lying in his financial disclosure forms about $250,000 in gifts he received, mostly for his home in Alaska.

The jury found that Stevens, 84, took thousands of dollars worth of renovations and gifts for his house in Girdwood, Alaska.

Bill Allen, chief executive of Veco, a defunct oil services company, testified that his company financed renovations to Stevens' house from 2000 through 2002.

Stevens, the longest-serving Republican in the Senate with more than 40 years in Washington, remains on the ballot in Alaska where he is in a tight re-election race with Anchorage Mayor Mark Begich.

If Stevens is re-elected and does not resign his Senate seat, the Senate will hold expulsion hearings. But the Senate usually does not start that process until the legislator has exhausted all appeals.

This article was written by a staff member of TheStreet.com.

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