A group of angry Madoff investors is calling on Irving Picard, the bankruptcy trustee charged with unwinding Bernie Madoff’s massive Ponzi scheme, to sue the Securities and Exchange Commission for turning a blind eye to the long-running fraud.

The group, which goes by the named Madoff Victims Coalition, says Picard shouldn’t treat the Wall Street watchdog any differently than other deep-pocketed targets like Citigroup, which Picard sued yesterday for $425 million.

“How can [Picard] distinguish between the warning signs received by Citibank and those received by the SEC?,” the group said in a press release, referring to accusations by Picard that “Citi either knew or should have known that Madoff’s investment advisory business was a fake.”

“Does this sound familiar?,” the release said. “Maybe it’s because we learned in 2009 that Harry Markopoulos also notified the SEC at least six times that BLMIS was not a legitimate operation.

“His red flags were ignored and as a result, the Ponzi scheme was allowed to continue for an additional 17 years, despite the fact that the SEC has the responsibility and obligation to protect the investing public.”

Picard’s office isn’t commenting on forthcoming lawsuits, but he has until Friday — the two-year anniversary of the Ponzi king’s confession — to file suits seeking to recover money for Madoff victims.