The 22-year-old was believed to have been armed with a Molotov cocktail while stealing champagne from a drug store. Video footage showed him handling champagne that had been stolen by another looter.
He was found guilty of violent disorder and handling stolen goods. The actor was cleared of intending to destroy or damage property with the Molotov cocktail he was pictured holding.
In August of last year, Waylett and a gang of at least four people took to the streets of north London during the third night of the riots.
He has a previous conviction for marijuana possession.