Sen. Ted Stevens [3] (R-Alaska) has been convicted by a federal jury on seven counts of "knowingly and willfully" making false statements on his Senate personal financial disclosure forms.

One of Stevens' campaign contributors, the owner of an oil services company, performed free renovations on Stevens' Girdwood, Alaska home, and performed other favors. All told, Stevens failed to disclose more than $250,000 in goods and services. The oilman, Bill Allen [4], eventually cooperated with the prosecution and testified against Stevens.

Stevens now faces up to five years in prison for each of the seven counts, though sentencing guidelines recommend far less time. Stevens is 84 years old and in his sixth term in the Senate.

Under Senate rules, Stevens does not have to resign, but even before the conviction he was in a virtual tie [5] against Democrat Mark Begich [6] in his bid for a seventh term.