After reading Chapter 33, please read the following case and answer the question:

Richard incorporated Emmett Homes, Inc., to manufacture mobile homes. He issued himself a stock certificate for 100 shares for which he made no payment. He and his wife served as officers and directors of the organization, but, during the eight years of its existence, the corporation held only one meeting. Emmett always had its own checking account, and all proceeds from the sales of mobile homes were deposited there. It filed federal income tax returns each year, using its own federal identification number.

John and Rose paid $17,500 to purchase a mobile home from Emmett, but the company never delivered it to them. John and Rose sued Emmett Homes and Richard, individually.

Should the court "pierce the corporate veil" and hold Richard personally liable? (Please explain your answer.)