A once powerful politician is found guilty of corruption in New York...

FOX News' Lisa Brady reports:

For nearly two decades, he was one of the most powerful politicians in New York, serving as speaker of the State Assembly.

Now, Sheldon Silver is guilty on all seven counts against him, including extortion and money laundering.

Prosecutors say the 71-year-old Democrat, first elected to the assembly in 1976, earned five million dollars illegally by trading favors and lied about it.

The defense arguing unsuccessfully... It was just politics as usual... Silver already gave up the speakership, now he'll have to give up his seat.

His former counterpart in the State Senate, Republican Dean Skelos, is also on trial for corruption.

Silver's lawyer says he'll appeal.

In New York, Lisa Brady, FOX News.