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...