True. I know from my parents that it was going on at least as far back as the early 1950s. How much further back than that, I don't know.
Off topic, but a funny story: In the late '70s / early '80s, the Phi Delta Thetas had a spring theme party called Hell's Angels. Dress like bikers, pose with and/or ride motorcycles, dates dressed accordingly, etc., etc.
As was common practice then (and I assume still is), they had t-shirts printed up to commemorate. While it was a printed t-shirt, it had a reasonably realistic copy of the HA banner, logo and rocker on the back.
Fast forward to a summer break road trip to Key West. Several of the Phis are sitting in a KW bar wearing the shirts, when some real Hell's Angels walked in. In quite short order, the frat boys counted themselves lucky to be walking back to their hotel barefoot and shirtless.
I've always wished I'd been there to see the moment play out.