Sure, but the admins approve of what these people do so don't expect anything to happen.
They already do that. Creating alts on Reddit isn't forbidden unless you're using them for ban evasions and such, but considering all the power mods do with the blessings of the admins nothing will ever come out of it even when they get caught. And speaking of the powermods and admins conspiring...
r/TrueRedditMoment, a sub created because r/RedditMoment was taken over, got banned 12 hours ago because it broke Reddit's rules against "creating or repurposing a sub to reconstitute or serve the same objective
as a previously banned or quarantined subreddit".
The bold part is a little important because r/RedditMoment is currently public and was not banned nor quarantined at any moment. Really activates one's almonds, this one.