Five years after Bernard Madoff admitted to his sons, and then to federal investigators, that he had been running the largest Ponzi scheme in history, the saga of his monumental ripoff continues to unspool. Lawsuits, settlements, and criminal trials are still ongoing, and Madoff himself, now 75, is just at the start of serving his prison sentence, with a fantastical projected release date in November 2139. Like a Mafia capo, he went down professing his own guilt but offered little in the way of help or information about the complicity of others.

Some of those others—from the wealthy money managers who like Madoff had the trust of their clients to Madoff’s office staff charged with helping conduct the fraud—have clung to their claims of victimization at the hands of a man whose career as one of the world’s most sophisticated investors was, as he infamously put it, “one big lie.”

In Manhattan, the trial of five key Madoff employees—who are charged with fabricating and mailing client...

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