A U.S. Federal District Court jury late Thursday delivered a split verdict against Joseph Nacchio, former CEO of Qwest Communications International Inc. convicting him on 19 of 42 insider trading counts.

Nacchio was acquitted of 23 of the 42 insider trading charges.

The federal prosucutors sought to portray Nacchio as a man motivated by greed during the trial, and said Nocchio knowingly deceived analysts by concealing the company's mounting money problems, while simultaneously unloading his own stock options.

Nacchio, 57, was accused of selling 101 million U.S. dollars worth of stock in the first five months of 2001 based on inside information that Qwest faced financial risks.

The 19 guilty charges corresponded to stock sales worth more than 50 million dollars in April and May of 2001.

"This is an overwhelming determination of guilty," U.S. Attorney Troy Eid told reporters outside Denver's federal courthouse. "'Convicted felon Joe Nacchio' has a very nice ring to it."

Nacchio himself remained stoic as the verdict was read and later said he would not make any statements. His attorney, Herbert Stern, said there would be an appeal.

U.S. District Judge Edward Nottingham set a July 27 sentencing date for Nacchio, who was free on 2 million dollars bail.

The former chief executive faces up to 10 years in prison and a 1 million dollars fine per count at sentencing. He also could be required to forfeit the 52 million dollars, although the exact amount will be determined by the judge at sentencing.

Stephen Ascher, New York-based criminal defense attorney, said Nacchio's acquittal on some charges may not help him during sentencing.

"Although the jury acquitted him on a majority of the counts, for sentencing purposes that's unlikely to help the defendant very much." said Ascher, who has represented defendants in insider trading cases.

Prosecutor Cliff Stricklin, who headed the government's team, said he planned to seek prison time for Nacchio.