Society

Mohammed Islam Who Allegedly Made Millions Of Dollars By Trading Stocks Says He Lied

| by Khier Casino
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A 17-year-old student in New York City who was dubbed as a teen “Wolf of Wall Street” after reportedly making millions of dollars by trading stocks admits he fabricated the whole story.

Mohammed Islam, a senior and president of the investment club at Stuyvesant High School, told the New York Observer earlier this week that his alleged $72 million fortune from the stock market was traded only using simulated money he made using an online program. He’s never made any actual money in the stock market at all.

“[I led her to believe] I had made even more than $72 million on the simulated trades,” he said of the original interview with New York magazine reporter Jessica Pressler. “It was hyped up beyond belief.”

The Queens teen has now hired a crisis public relations firm and a lawyer.

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"I am incredibly sorry for any misjudgment and any hurt I caused," Islam told the Observer on Tuesday. "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."

The Daily Mail reports that Islam’s shocking announcement comes after New York magazine apologized to their readers for publishing the untrue story, admitting it was “duped.”

Writing in an editor’s note, the magazine said:

In the most recent edition of New York, its annual Reasons to Love New York issue, the magazine published this story about a Stuyvesant High School senior named Mohammed Islam, who was rumored to have made $72 million trading stocks. Islam said his net worth was in the ‘high eight figures.' As part of the research process, the magazine sent a fact-checker to Stuyvesant, where Islam produced a document that appeared to be a Chase bank statement attesting to an eight-figure bank account. After the story's publication, people questioned the $72 million figure in the headline, which was written by editors based on the rumored figure. The headline was amended. But in an interview with the New York Observer last night, Islam now says his entire story was made up. A source close to the Islam family told the Washington Post that the statements were falsified. 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.

Sources: New York ObserverNew York magazineDaily Mail / Photo Credit: Charlie Phillips/Flickr Creative Commons