Dirk Davis purchases a piece of industrial wasteland. He knows that there is contamination in the soil, but he also knows that it is buried very deep and believes that it won't become known for at least 20 years

He incorporates Florida Condos Ltd, builds a condominium tower, and sells all the units – without, of course, disclosing the contamination. He then has the corporation, of which he is sole shareholder and director, distribute all the profits to him as dividend. The contamination "surfaces" within 12 months and the condo owners want to sue. Florida Condos has no assets, however, so they want to sue Dirk personally. Which of the following is FALSE?

A) It is generally very difficult to persuade a court to pierce the corporate veil.
B) It is not enough that it be just and equitable to pierce the corporate veil.
C) Since Dirk knew of the contamination, his conduct was tantamount to fraud and justifies piecing the corporate veil.
D) Dirk will not be liable personally because it was corporation that sold the condos not him personally
E) The court could hold Dirk personally liable for financial losses as well as punitive damages

D