Corporations are entities created by the state. They are not people, or citizens. They are made up of people who can lie on their behalf and as such corporations get the culpability whenever officers of that company lie.

When a corporation does it, it's called fraud. Securities fraud if it's a public company.

It's fraud in any case, it's just a matter of whether a human or a non-human entity is culpable. By shifting the liability to the corporation, it shifts the cost of wrong doing (ostensibly) from the person who commits it on behalf of the company to the company's shareholders.

Goldman Sachs used to be a partnership, not a corporation wih publicly traded shares. They most definitely took fewer risks when the partners were personally liable for wrong doing than once they became a corporation. https://hbr.org/2013/10/culture-not-leverage-made-wall-stree...