The site mimics the legitimate one set up by the agency and purports to belong to the International Securities Investor Protection Corporation. It offers victims a chance to apply for $1.3 billion in cash recovered from a Madoff "hideout."
The group claims to be based in Geneva, but records show the site to be registered to an address in Lagos, Nigeria.
SIPC said it is trying to have the site shut down.
Madoff is in prison for orchestrating an epic scheme that wiped out life savings and entire charities.