The former chief executive of the defunct charity the All Wales Ethnic Minority Association has been cleared of two counts of defrauding the charity, but the jury was unable to reach a verdict on a third charge.
Nasir Malik was accused in a two-and-a-half-week trial at Swansea Crown Court of using more than £16,000 of money from the Big Lottery Fund and government grants to pay off his own credit card bills .
The jury returned verdicts of not guilty on Friday to two counts of making a false representation, but could not reach a decision on a third count of the same offence.
A hearing this Friday will decide whether that count will result in further proceedings.
Malik was involved in setting up Awema in 2010, but was dismissed from the organisation in 2012 along with its finance director, after a Welsh government investigation found "significant and fundamental" failures in its governance.