US prosecutors said Mr Michel received more than $100m (£80m) from Malaysian billionaire Jho Low that was used in two efforts to influence US politics.
He denied the charges, telling jurors that he thought it was "free money" and he was a "celebrity surrogate".
BBC reports the rapper now faces years in prison.
Mr Michel, 50, was convicted in a Washington, DC court of campaign finance violations, acting as an unregistered foreign agent, witness tampering, and lying to banks.
