Arthur Patterson, 36, was extradited from the United States in September to face trial in Seoul on charges of murdering Jo Jung-Pil, who was stabbed multiple times with a knife in a fast-food restaurant toilet.
Patterson, who was the 17-year-old son of a US military contractor at the time, has denied his involvement in the crime in the nightlife district of Itaewon, close to the US military base in Seoul.
Prosecutors, however, alleged Patterson stabbed Jo, who appeared to be a complete stranger to him, to death for no apparent reason.
The accused showed "devil-like brutality", stabbing Jo nine times, according to the prosecution.
Twenty years in jail is a maximum penalty in South Korea for an offender under the age of 18.
The verdict and sentencing is due on January 29.
Patterson has insisted on his innocence, saying his then-friend Edward Lee committed the crime.
Patterson was initially tried as an accomplice, while Edward Lee, a Korean-American man who was at the scene, was charged with murder. Both accused the other of killing Jo.
In 1998, Patterson was released as part of an amnesty programme, only to find himself a murder suspect again after Lee was acquitted on appeal for lack of evidence.
He fled to the United States a year later after investigators failed to renew his travel ban -- a mistake that sparked a storm of criticism.
The murder was made into a hit movie in 2009, refuelling public anger over the crime and forcing South Korean prosecutors to reopen the case.
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