NEW: Diddy Verdict is Mixed, Bail DENIED

JUST IN: Judge Arun Subramanian denied bail for Sean “Diddy” Combs. He must remain in jail while awaiting sentencing on two prostitution-related felonies.

He scheduled a hearing for next Tuesday at 2 p.m. ET to address the sentencing scheduling.

UPDATE: A bail hearing for Sean “Diddy” Combs is now scheduled for 5 p.m. ET.

Combs’ attorneys have asked that he be released while awaiting sentencing. They submitted a letter to the judge proposing that Combs be released on $1 million bond with travel restrictions, the surrender of his passport, and drug testing.

Prosecutors are against Combs’ release.

EARLIER: A federal jury has convicted Sean “Diddy” Combs on charges of transportation to engage in prostitution – but he was acquitted of the most serious charges.

The verdict was read in a New York City courtroom just moments ago.

Count 1: Racketeering conspiracy Not guilty 

Count 2: Sex trafficking by force, fraud or coercion(Victim 1) Not guilty 

Count 3: Transportation to engage in prostitution(Victim 1) Guilty 

Count 4: Sex trafficking by force, fraud or coercion(Victim 2) Not guilty 

Count 5: Transportation to engage in prostitution (Victim 2) Guilty 

Assistant US Attorney Maureen Comey said the government intends to seek a sentence of incarceration, and that Combs still faces up to 20 years in prison for the two counts he has been convicted of. Had he been convicted on the most serious charges, he could have faced life in prison.

Judge Arun Subramanian told the jurors that it’s up to them whether they speak about the case. He thanked them for their service over the past ten weeks.

After the verdict, Combs was seen kneeling and bowing his head in prayer.

The judge also asked the defense attorneys and prosecutors to submit letters on their positions about the possibility of releasing Sean “Diddy” Combs. The letters are due by 1 p.m. ET and the judge will then make his decision.

This article may be updated with additional information as it develops.