Judge Md Akhtaruzzaman said involving the border guard with money-related programmes like 'Operation Dal-bhat', introduced by the last caretaker government, had been 'unwise'.
"There were economic motives behind the Feb 25-26, 2009 mutiny at BDR's Peelkhana headquarters," he said on Tuesday.
He said there could have been "political and diplomatic motives" behind the mutiny.
A total of 74 people, including 57 army officers, were killed in the bloody uprising.
The court believed there were intelligence 'flaws' as well, holding back prior information of a brewing mutiny.
Dhaka's Additional Metropolitan Sessions Judge Md Akhtaruzzaman began reading out the sentence at around 12:30pm.
Border Guard Bangladesh (BGB) Director General Maj Gen Aziz Ahmed is present at the courtroom.
During the case hearing, BGB Security Unit's Maj RMM Asad-Ud-Doula had said a leaflet had been found in Peelkhana four days before the mutiny.
It contained various demands and 'corruption' allegations against army officers in the Dal-bhat programme, he had said.
In his testimony, Asad said: "A ruckus broke out on Feb 25 as soldier Moin stepped on to the stage when Maj Gen Shakil Ahmed was speaking on the Dal-bhat programme.
"Sounds of gun shots were heard at that time," he had said.