The 57-year-old exchanged "sexy chat" with a 13-year-old girl after meeting her on a "sugar daddy" website and went on to act out his fantasies when she travelled from her home in Norwich to meet him.
But the American millionaire, who once advised Prime Minister David Cameron, told jurors that at the time he believed she was an experienced 17-year-old and insisted he would never "knowingly" have sex with a child.
The Old Bailey heard he gave the girl and a friend who accompanied her £60 each in cash, which Mr Richard insisted was a "gift" and not payment.
A jury of eight women and four men deliberated for four hours and 15 minutes before finding Mr Richard not guilty of three counts of sexual activity with a child, one of causing or inciting a child to engage in sexual activity and a charge of paying for sexual services.
He was emotional as the verdicts were delivered and left the court in tears.
The trial had heard how Mr Richard, of Islington, north London, met the girl through an American website called Seeking Arrangement at the end of 2014.
He listed his profile as a "sugar daddy" while the 13-year-old girl called herself a "sugar baby", jurors were told.
Mr Richard admitted to engaging in various sex acts with the girl but told jurors that he would never "knowingly" have sex with a child.
Giving evidence, he spoke of his secret "addiction" to 50 Shades Of Grey role play over the four years he had been using the sugar daddy website.
As well as having online relationships, he had also arranged to meet young women in their 20s for sex on occasion.
Mr Richard said: "As mortifying as it is to say, I was looking for role play and fantasy relationships involving dominance and submission."
He added: "I feel terrible. I feel terrible for her and I feel terrible about myself. I feel terrible for my wife and children."
The defendant added that he was now trying to address his "addiction" with therapy.
Mr Richard left the Old Bailey with his solicitor.
He declined to comment as he was greeted by a crowd of photographers.
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