Tags: mohammed islam | 72 million | stocks | false | teen

Mohammed Islam: NYC Teen Did Not Make $72M Trading Stocks

By    |   Tuesday, 16 Dec 2014 03:40 PM

Mohammed Islam, the 17-year-old high school senior who was touted as having made $72 million by trading stocks, now says his story is false and he hasn’t made a penny off the stock market.

Islam told the New York Observer Tuesday that he led a New York magazine reporter to believe that he made $72 million, but that the story was actually totally fictitious.

The original story of his eight-figure payday took on a life of its own after it was published this week, immediately making the rounds on social media.

"It was hyped up beyond belief," the teen said, according to the New York Observer.

Islam runs an investment club at Stuyvesant High School that does simulated trades.

"All I can say is for the simulated trades, I was very successful. The returns were incredible and outperformed the S&P," the teen said.

Islam is staying with a friend while he suffers the fallout. He said he hasn’t even spoken to his parents.

"Honestly, my dad wanted to disown me. My mom basically said she'd never talk to me. Their morals are that if I lie about it and don’t own up to it then they can no longer trust me," he said. "I am incredibly sorry for any misjudgment and any hurt I caused. The people I’m most sorry for is my parents. I did something where I can no longer gain their trust. I have one sister, two years younger, and we don’t really talk."

New York Magazine reporter Jessica Pressler has defended her reporting, according to CNNMoney, saying: "I still think the piece is skeptical enough. The story says, 'This is a rumor and draw your own conclusions.'"

Islam also recorded a video apology, posted by The Guardian.

New York magazine also apologized, saying
: "We were duped. Our fact-checking process was obviously inadequate; we take full responsibility and we should have known better. New York apologizes to our readers."

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Mohammed Islam, the 17-year-old high school senior who was touted as having made $72 million by trading stocks, now says his story is false and he hasn’t made a penny off the stock market.
mohammed islam, 72 million, stocks, false, teen
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Tuesday, 16 Dec 2014 03:40 PM
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