unless it's physical damage like murder or rape
especially 1st time felons, many of them regretted as soon as they did the wrong, it's pretty much to say they will never do it again. and many times jailhouse life is not helping them to get re-started, rather the contrary, they got worse.
i like the idea of parole/suspended sentence combined with community service or working to compensate your previous harms to the society/victims.
for example, madoff, should make him penniless and doing services such as cautioning people how to deal with financial crimes