Disgraced US financier Bernard Madoff is expected to plead guilty to orchestrating a $50bn (£35bn) fraud, his lawyer has said.
Ira Lee Sorkin told a court in New York there was a "fair expectation" Mr Madoff would plead guilty to 11 counts of fraud on Thursday.
Prosecutors are seeking a jail sentence of 150 years for Mr Madoff, 70.
He is accused of running a Ponzi scheme in which early investors are paid off with the money of new clients.
Mr Madoff, who was arrested in December, was in court so a judge could assess possible conflicts of interest between the defendant and his lawyer.
Mr Madoff has remained under house arrest in a luxury Manhattan penthouse since his arrest.
In court he chose to waive the issues, saying he was satisfied with his representation.
There has been no formal agreement to co-operate with the authorities, but Madoff is "trying to get some leniency from the judge without being forced to turn on family members and associates," said John Hueston, partner at law firm Irell & Manella.
Mr Hueston believes that Mr Madoff will most likely be imprisoned for about 20 years - effectively a life sentence for a 70-year old man.
No plea agreement
He is charged with securities fraud, mail fraud, wire fraud, three counts of money laundering, false statements and perjury among other charges.
The Associated Press reported that Mr Madoff sat calmly during Tuesday's court hearing, which was also attended by several lawyers representing investors.
WHAT IS A PONZI SCHEME?
A fraudulent investment scheme paying investors from money paid in by other investors rather than real profits
Named after Charles Ponzi who notoriously used the technique in the United States in the 1920s
Differs from pyramid selling in that individuals all tend to invest with the same person
This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.