Bernard Madoff, who was charged with Wall Street's biggest fraud, will plead guilty on Thursday to 11 criminal counts, his lawyer Ira Sorkin said on Tuesday.

Accused swindler Bernard Madoff exits the Manhattan federal court house in New York , in this Jan. 14, 2009 file photo. Madoff took the first public step to a guilty plea on criminal charges of running a 50 billion U.S. dollars investment fraud over many years, according to court papers March 6, 2009.[Xinhuanet.com]

Sorkin's statement came as the Justice Department said there is no plea agreement in place for Madoff, who, according to prosecutors, faces up to 150 years in prison on 11 charges.

Madoff also waived his right to have a grand jury review the allegations against him, CNBC reported.

The 70-year-old former Nasdaq chairman has been under house arrest since he was charged with one count of securities fraud.

U.S. District Court Judge Denny Chin said in his Manhattan courtroom that he will not sentence Madoff on Thursday.

(Xinhua News Agency March 11, 2009)