Ray J Wanted Diddy 'Not Guilty' on All Counts But Feels Release Is Coming

Ray J returned to "TMZ Live" on Wednesday to remind everyone he's a card-carrying member of Team Diddy -- and is even disputing the 2 fed counts Puff was found guilty of!!!

The way Ray J sees it ... Diddy was entangled in consensual freak-offs and should NOT be punished by jail time.

Prosecutors are actively arguing that Diddy is an ultraviolent menace to society -- but Ray J's predicting his homie's prison release by the end of business day, where he'll charter a plane to Miami and exhale for the 4 of July weekend!!! (We learned later in the day the judge denied bail, and Diddy will remain locked up until his sentencing hearing, scheduled for October.)

Ray tells Harvey and Charles the trial serves as a lesson learned -- but not as a deterrent for drug-fueled sex worker trysts. On the contrary, Ray thinks more people will begin to accuse powerful people when they don't get their way.

His sentiments mirror Boosie Badazz's, who thinks the Diddy RICO was just an excuse to target a rich Black man ... opinions the prosecution can't really defend because they were burnt on all their man arguments!!!

Ray predicts Diddy won't party hard right away and advises him to turn over the reins to his sons, who never left his corner throughout the trial.