Following his conviction yesterday on 19 counts of insider trading, former Qwest CEO Joe Nacchio, is scheduled for sentencing on July 27 in front of U.S. District Court Judge Edward Nottingham, according to a statement from the U.S. Department of Justice.

Though he was found not guilty on another 23 counts, “Nacchio faces up to 10 years in prison and a $1,000,000 fine per count at sentencing,” the statement added. Nacchio, 57, was released on bond pending that sentencing.

Judge Nottingham also will determine in a separate hearing after sentencing how much in personal assets Nacchio will forfeit as a result of his conviction.

“Once again, we have seen the best plans of a corporate bandit foiled by the dedication of investigators, prosecutors, and knowledgeable American juries,” said FBI Assistant Director Chip Burrus for the Criminal Investigative Division, in the DOJ statement. “Whether it is New York City, Houston or Denver, Americans are sending the message loud and clear—corporate fraud will simply not be tolerated.”

Nacchio was CEO at Qwest from early 1997 until June 2002, and the counts of insider trading he was convicted on are related to his sale of about $52 million in Qwest stock during between late April and late May 2001. Bloomberg.com reported earlier today that Nacchio had been personally warned during that period that Qwest was not hitting its revenue goals, but failed to share this information on an investor conference call held during April 2001.