You would think so, but:

https://en.wikipedia.org/wiki/John_Meriwether

"A year after LTCM's collapse, in 1999, Meriwether founded JWM Partners LLC. (...) Meriwether opened his third hedge fund venture, named JM Advisors Management, also based in Greenwich, Connecticut, in 2010."

Meriwether blows up and is not a fraud. But then there's this guy:

https://www.wsj.com/articles/jon-corzine-considers-launching...

Though in all fairness I don't know whether he pulled that one off.