Madoff, a former chairman of the Nasdaq stock market, was arrested and charged on December 11 with securities fraud. He is under house arrest in his Manhattan apartment but appeared on Monday inside the Manhattan courthouse ahead of the scheduled hearing.

The bail hearing is set for 2:30 p.m. EST in U.S. Magistrate Court in New York, according to a source familiar with the situation.

Madoff, 70, is accused in parallel criminal and civil investigations after authorities said he admitted to running a scheme over many years that apparently bilked the wealthy, banks, charities and funds all over the world.

No one else has been charged.

(Reporting by Grant McCool, Martha Graybow; Editing by Steve Orlofsky)