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Paul Manafort

Updated at 6:26 p.m. ET

A federal jury on Tuesday found Donald Trump's former campaign chairman, Paul Manafort, guilty on eight of the 18 charges he faced in his tax and bank fraud trial.

The verdict delivered a painful fall from grace for a top political operative who has advised presidents from Gerald Ford to Donald Trump and a shot in the arm to an investigation derided by President Trump as a "witch hunt."

Bank and tax fraud trials normally aren't very compelling theater.

When it's the former campaign chairman for the current president of the United States, however, and it's the first trial brought by a special counsel tasked with investigating Russian interference in American democracy, things are a bit more interesting.

Updated at 3:40 p.m. ET

Paul Manafort, President Trump's former campaign chairman, has been indicted on federal charges that range from conspiracy against the United States to conspiracy to launder money. He was taken into federal custody Monday morning, along with his longtime deputy.

In a court hearing around midday, both Manafort and his co-defendant, Rick Gates, pleaded not guilty.