Among the ex-convicts given access to the mortgage industry was Scott Almeida, who got into the business after being released from federal prison, the newspaper reported Sunday.

Almeida admitted on his license application that he had been convicted of cocaine trafficking, so Florida regulators asked for a character reference. He gave them a note from his mom.

They said he needed a reputable supervisor for his practice: He chose a guy he met in the prison visitor room.

After he was approved by the state, Almeida spent the next three years arranging nearly $3 million in fraudulent loans for which he was put back behind bars.

The newspaper reported that the Florida Office of Financial Regulation, which oversees the mortgage industry, failed to act twice on warnings that Almeida was stealing from his clients, many of whom were elderly.

''I was disgusted, I had to cry, because it was the first time in my life I'd been scammed,'' said Mary Taylor, 62, one of Almeida's victims.