Without a contract transferring liability, each shareholder is only liable (morally, perhaps not legally) for what he personally did. If a corporation consists of one person and that corporation scams someone, that person is liable, regardless of whether the law limits his liability. If a corporation is run purely by majority vote and the shareholders vote to scam someone, only those people who voted to scam and the people who carried out the scam are liable; the other people have not agreed to take on any liability just by being members of the corporation (unless this actually was explicitly agreed to in a contract).

[Corporations] are free associations of individuals pooling their capital. On the purely free market, such individuals would simply announce to their creditors that their liability is limited to the capital specifically invested in the corporation, and that beyond this their personal funds are not liable for debts, as they would be under a partnership arrangement. It then rests with the sellers and lenders to this corporation to decide whether or not they will transact business with it. If they do, then they proceed at their own risk.