Bernard Madoff, accused of a $50 billion Ponzi scheme fraud will learn as soon as January 12 if he is going to prison before his trial.

U.S. federal judge Ronald Ellis is expected to rule on Monday whether to revoke Madoff's bail after he mailed friends and family luxury items including a diamond bracelet and watches during holidays. By mailing the items, prosecutors say he violated a court order freezing his assets.

The decision date was given by a court anonymous spokesman Saturday according to Bloomberg.

Madoff is living in Manhattan free on $10 million bail.