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Setshegi worked with Clive Barker when Bafana Bafana won the Africa Cup of Nations finals on home soil in 1996 as his assistant.
He also played for Orlando Pirates where he doubled up as their coach. One of his incredible records was going 17 games unbeaten at one stage.
Prior to joining Pirates, Setshedi played for Moroka Swallows Babes.
Setshedi also used to operate a clothing shop at Carlton Centre that was frequented by top business people and celebrities.
Setshedi was convicted on Friday after being found guilty of an attempt to unduly and improperly influence the outcome of one of the 2011 Safa Vodacom play-off matches in Cape Town.
At that time Setshedi was attached to Sivutsa Stars but the Mpumalanga-based club were quick to distance themselves from him after he was busted by the police.
He was arrested on June 8 last year after making representations to Safa officials in a bid to influence the outcome of one of the matches.
Court proceedings commenced at Bellville Commercial Crimes Court in November last year and concluded on Friday when the accused was convicted of contravening section 15 of the Prevention and Combating of Corrupt Activities Act, Act 12 of 2004.
The matter has been postponed to February 11 next year for pre-sentence hearings.
This is the first time the South African Football Association has secured such an historic conviction.
Safa president Kirsten Nematandani said the conviction of Setshedi would send out a clear message to other potential corrupt elements that such behaviour has no place in South African football.
"This is a strong statement to anyone who might intend to tarnish the good name of the sport through match fixing or other unsporting behaviour. In accordance with Fifa and Safa's zero tolerance for corruption and match fixing, we would like to warn other potential criminals that the long arm of the law would not spare you," Nematandani said.
The Safa boss also praised the National Prosecutions Agency and the South African Police Service for their hard work in securing the conviction.
"This conviction is a clear example that the work we are doing with government agencies and the Fifa security department to root out corruption in football is starting to yield positive results."
Members of the public, players, football administrators and members of the media are encouraged to report suspicious activities in football on the 24-hour anti-corruption hotline number 0800 777228.