The super hyped story of Mohammad Islam, a 17-year old boy acquired $72 million trading stock has proved to be a hoax.
The teenager admitted in an interview to the New York Observer that it was an invented story.
As a matter of fact the real number of his income from stocks is zero.
“It is not true,” Islam told the newspaper. “I run an investment club at Stuy High, which does only simulated trades.”
New York magazine said the figure was portrayed as a rumour and the headline on its website has been changed.
The miraculous success of 17-year-old Mohammed Islam wowed admirers, and the teenager was profiled for New York Magazine as part of its "Reasons to Love New York" series. Islam had also appeared in Business Insider's "20 under 20".
Some skeptics doubted the story, and Business Insider published a report that called the $72 million figure into question.
Then, an investment club (Leaders investment club) that Islam belongs to contacted Business Insider with the following statement:
"It has been brought to the attention of the Leaders Investment Club that Mohammed Islam has been rumored to have made $72,000,000 through making trades in the stock market. After performing due diligence and talking with Mohammed Islam himself, we have determined that these claims are false and simply been blown up by the media in the interests of sensationalism."
However, Jessica Pressler, the reporter who made the story for New York magazine claimed in social media that she made the story according to the bank statement.
“We saw a bank statement confirming the eight figures, & I'm comfortable with what's in the piece,” Pressler tweeted on December 15th.
Jessica has recently left New York Magazine for Bloomberg News.
One of Islam’s seniors at school has said he is innocent and analysed the situation. He said “I went to Stuyvesant. I wasn't in Mo's grade, but my little brother is. I called him after I read the article (I'm in college right now). He told me it is all bullshit. He is friends with one of Mo's "cubs" and his friend admitted to him that Mo is worth well under $100,000.”
