The jury found Elwell guilty of the third charge - acceptance of a corrupt payment - and not guilty of the first two charges, conspiracy to commit extortion and attempted extortion.
Elwell's attorney said he will appeal.
Sentencing will be Nov. 15, 2011.
Elwell was among dozens of religious and political leaders snared by the FBI in 2009 in a sting operation in which a developer (who himself was facing fraud charges) met with various politicians and offered campaign donations in exchange for future help with development projects.
In his trial, Elwell said that he did take $10,000 cash from his friend, political associate Ronald Manzo, that came originally from the developer. The developer, Solomon Dwek, had told both men that he wanted to build a hotel in Secaucus.
But Elwell said he saw it as a possible campaign donation rather than any sort of bribe, and that Manzo had asked him to hold onto the money for him.
Manzo had pleaded guilty to accepting the money last month and this month, he testified against Elwell in the trial.
For more on this story, read this weekend's Secaucus Reporter here at hudsonreporter.com. For past coverage, see links below.