Media tycoon Conrad Black has been convicted of three charges of fraud and one of obstructing justice by a jury in Chicago.

Black was found guilty of taking money owed to investors in the form of "non-compete" payments originating from the sale of newspaper titles. The charges on which he was found guilty carry a maximum penalty of 35 years in prison.

"It only takes one fraud charge and the man is disgraced and finished," said Joshua Rozenberg, legal editor of the Daily Telegraph, once owned by Hollinger. "He is clearly facing a lengthy prison sentence."