MF Global filed for bankruptcy in 2011 as worries mounted about its $6.3 billion bet on European sovereign debt, credit rating downgrades, margin calls and news money from customer accounts was used to cover liquidity shortfalls.
The Commodity Futures Trading Commission has sued Corzine for his role in the alleged misuse of customer funds, charging him with violating his legal obligations to diligently supervise. He's also charged with not acting in good faith as the "control person" at the firm.
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Corzine, also the former chairman of Goldman Sachs and ex-New Jersey governor, would have to wait for any legal proceedings to be resolved before filing to start a hedge fund. However, once that happens, if he wants to start a fund, private investor Evan Newmark thinks he'll probably succeed.
"On Wall Street … there are people greedy enough to always give you a second act," he said. "If Jon Corzine is cleared by the authorities and if he really wanted to, I would bet, very easily, he could raise more money."
Even if fundraising proved difficult, lawyer Andrew Stoltmann said that still won't be a roadblock.
"Jon Corzine was lucky enough to be the senior partner at Goldman Sachs when they went public and therefore he really doesn't need to raise any outside capital to run a hedge fund. He's got plenty of money on his own," he said.
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Stoltmann also noted that the trades Corzine was in at the time, European sovereign debt, were "really good trades" unless the market goes against you, which is what happened.
However, Skyrm said anyone who invests clients' money shouldn't give it to Corzine.
"If you were responsible for pension money, let's say, would you trust your money with Jon Corzine given what the CTFC has alleged?" he said. "Nobody who is a fiduciary to other client money can turn money over to Jon Corzine with a healthy conscious."
—Reuters contributed to this report.