Breaking News: Jury Finds Tony Rezko Guilty On 16 Of 24 Charges

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The latest, from CBS2 News in Chicago, via Drudge:

A federal jury has found a prominent political fundraiser for Sen. Barack Obama and Illinois Gov. Rod Blagojevich guilty of 16 of 24 counts in his Illinois corruption trial.

Antoin "Tony" Rezko was accused of scheming to get bribes from businesses seeking state contracts.

His bond has been revoked. He has surrendered and though his sentencing is not scheduled until September 3 at 10 a.m., Rezko will begin serving his sentence immediately.

The jury's mixed verdict acquitted Rezko of some of the most serious charges, including attempted extortion. Rezko's been found guilty of 16 of 24 counts.

Rezko was found guilty on the two more serious counts, on money laundering and aiding and abetting money laundering, counts 23 and 24.

The jury obviously took issue with some of the charges, resulting in the eight acquittals. They wrestled over matters in a long deliberation process.

The jury delivered its verdict after a nine-week trial and 13 days of deliberations.

Rezko has known Obama since he entered politics and was involved in a 2005 real estate deal with the Democratic presidential candidate, although testimony barely touched on their relationship. Most of the focus was on shakedowns prosecutors said Rezko arranged when he was a top adviser to Blagojevich.

Neither Blagojevich nor Obama has been accused of wrongdoing.

A lot more details in the CBS2 News report linked above.

It will be interesting to see how the ramifications of Rezko's conviction play out in Chicago politics, the Illinois Democratic Party, and ultimately the Obama campaign.

A lot more to come on this story, for sure.