far less [likely] to reoffend
Why not eliminate temptation? I'm not saying actually ban people (although disqualification applies in the medical field, and corporate directorships, for example), but allow others to do their due diligence and make a decision to hire/engage/do business with/monitor these folks based on the facts. At least let them earn back the trust, rather than just assume it.
Checks don't apply when you hang out a shingle and start selling a lot of services direct to customers.
Two recent Google RTBF cases both involved folks that appeared to want to get back into the industries/sectors/roles they fell short in previously and google searches (they claimed) were preventing them from doing so. The apparent lack of remorse did not suggest they'd learn their lesson.
As you say, the released need to re-enter society and contribute/sustain themselves. That is in everyone's interest. But they should be able to earn a living doing something else requiring less risk and trust, that doesn't involve being entrusted with client's life savings. It's not an all-or-nothing, scrap-heap or straight back to the top(?) of their prior profession situation.
Biting the hand that feeds IT
