Life sentences were handed down to Arpad Kiss, Istvan Kiss and Zsolt Peto, while a fourth defendant, Istvan Csontos -- who served as a driver to his accomplices -- was given a 13-year prison sentence.
During a year-long spree of violence, six people were killed and five seriously injured, all of them ethnic Roma, a community that makes up between five and eight percent of Hungary's 10-million population.
Over 14 months starting in July 2008, the men carried out nine assaults on Roma living in various villages in northeastern and central Hungary, using grenades, guns and Molotov cocktails.
In another incident, a woman was shot in her sleep.
Police security was heavy inside and outside the court building for the verdict, which ends a two-and-a-half year trial, and comes a few days after the anniversary of the last attack on August 2, 2009.
Hundreds of people gathered to hear the verdict, some wearing T-shirts bearing pictures of the victims. One T-shirt read: "Their skin was their crime".
The idea for the attacks emerged after they shared their stories in a pub, the prosecution said.
Plagued by poverty and high unemployment and often shunned by the rest of society, the Roma are often subjected to verbal and physical abuse.
Yesterday, the Hungarian Civil Liberties Union (HCLU) had warned that the court's verdict would be crucial in determining how Hungary tackled racism in the future.
A clear judgement "would go a long way toward preventing similar crimes in the future," Eszter Jovanovics, head of the HCLU's Roma Programme, said in a statement.
The Roma have also been targeted by vigilantes, the far-right Jobbik party and even by a close ally of centre-right Prime Minister Viktor Orban.
In January, Zsolt Bayer, a prominent journalist close to Orban, equated Roma to "animals" who "shouldn't be tolerated" and "should not exist". His newspaper was later fined by the country's media regulator.
Legal analysts say civil cases could now be brought against the state for alleged errors made in the investigation.
The four convicted men -- aged between 28 and 42 at the time of the crimes -- are expected to appeal the verdict.
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