NEW YORK ( CNN ) -- Accused investment swindler Bernard L. Madoff will plead guilty later this week to 11 counts that could bring a sentence of 150 years in prison , one of his attorneys told CNN . Bernard L. Madoff is charged in one of the largest investment fraud schemes on record . Prosecutors stressed that there is no plea deal and that Madoff , 70 , will have to forfeit any money he made from his crimes . `` The government has not entered into any agreement with Mr. Madoff about his plea or sentencing , '' said acting U.S. Attorney Lev L. Dassin . `` The filing of these charges does not end the matter . Our investigation is continuing . '' Madoff attorney Ira Lee Sorkin said his client has agreed to plead guilty to crimes including money laundering , perjury and fraud . Earlier , Sorkin and defense attorney Daniel Horowitz told CNN that Madoff was waiving his right to a grand jury indictment and that the defense team had been talking about a plea with government attorneys . `` We obviously have talked to the government , '' said Horowitz . `` And we have been professional with each other . '' Watch details of the plea agreement » . Madoff is a former chairman of the NASDAQ stock market and founder of an innovative Wall Street trading firm that electronically matched buy and sell orders . He is accused of running a massive fraud , allegedly using new investment money from clients to fund other customers ' apparent gains . It was , `` basically , a giant Ponzi scheme , '' Madoff said , according to the government 's criminal complaint . Follow the milestones in the case against Madoff » . `` There is no innocent explanation , '' Madoff told two FBI agents , according to the complaint , which states Madoff expects to go to jail . Madoff was charged in December with one count of securities fraud , which carries a maximum sentence of 20 years in prison . He has remained out on $ 10 million bail , but is confined to his luxurious Upper East Side apartment . In court documents , prosecutors said Madoff had run his scheme `` from at least the 1980s until his arrest on December 11 , 2008 , ... by soliciting billions of dollars of funds under false pretenses , failing to invest investors ' funds as promised , and misappropriating and converting investors ' funds to Madoff 's own benefit . '' The charges also say Madoff 's company , Bernard L. Madoff Investment Securities ( BLMIS ) , claimed that as of November 30 , 2008 , it held 4,800 client accounts worth about $ 64.8 billion . `` In fact , BLMIS held only a small fraction of that balance on behalf of its clients , '' the documents say . Madoff is scheduled appear at a plea proceeding on Thursday before U.S. District Judge Denny Chin . Chin also ruled Tuesday that Madoff can keep Sorkin on as his attorney after Madoff said he was satisfied the attorney was representing his interests despite potential conflicts of interest . Sorkin told the government he invested $ 18,860 with Madoff in the early 1990s through a retirement account that had been set up with his former law firm and was later transferred to another brokerage firm in 1995 . Also , Sorkin 's late father held an account with Madoff , the proceeds of which were eventually distributed to trust accounts for Sorkin 's two sons . Sorkin also has represented a Florida accounting firm , Avellino & Bienes , which invested with Madoff . Sorkin told CNN he has received death threats and anti-Semitic hate mail . CNN sent an e-mail to one of the originating electronic address but received no reply . `` These people need to take Civics 101 , '' Sorkin told CNN . `` It is extremely disappointing that people who should know better have no understanding of the role defense lawyers play in preserving our system of justice . '' The senders display a `` lack of understanding of the constitution and bill of rights and how it applies to everyone , '' Sorkin added . `` As for the remarks I can only have sympathy for these people who treat this representation as some religious quest . ''
Bernard L. Madoff has agreed to plead guilty to 11 counts in Ponzi scheme . He faces 150 years in prison for money laundering , fraud and perjury . Prosecutors wo n't confirm plea plans ; defense says it 's a done deal . A hearing is scheduled Thursday ; former clients have been notified .