The story that a 17-year-old kid made $72 million trading stocks on his school lunch break sounded too good to be true…and it was. INSIDE EDITION has the story.
He was hailed as a boy wonder, a financial genius who made a staggering $72 million in the stock market, and he was only 17.
In a YouTube video, boy wonder Mohammed Islam said, "From an early age, I've always had an avid interest in finance and entrepreneurship. I'm glad to say that trading is a passion which I can see doing for the rest of my life."
But now, shocking news about Mohammed: the whole thing was a hoax!
Stuyvesant High School is one of the best schools in New York City and one of the toughest to get into. It's where Mohammed Islam built his reputation as a financial whiz kid and where that reputation has now come crashing down.
It was there that Mohammed claimed to have made millions during his lunch break, according to a story in New York Magazine, which listed Mohammed as number 12 in their "Reasons to Love New York" issue.
But the story started falling apart when Mohammed bailed out on an interview with CNBC reporter Scott Wapner.
On CNBC, Wapner said, "His name is Mohammed Islam. He was here with his investing partner and told me that, in fact, the $72 million figure is not true."
New York Observer editor Ken Kurson interviewed Mohammed and a buddy who backed up the story of his so-called fortune.
Kurson told INSIDE EDITION, "I thought this story was a hoax the moment I saw it. I was expecting from the story these over-the-top Wolf of Wall Street type guys. Instead, they were like two scared 17-year-olds who had been up all night, worrying how they were going to tell their parents."
See What Else Kurson Told INSIDE EDITION About the Hoax
Mohammed admitted to the Observer that it was all a lie, and New York Magazine said in a statement Tuesday, "We were duped. Our fact-checking process was obviously inadequate."
Kurson said, "It's total fiction. There was no money ever invested."
A spokesman for Mohammed Islam and his friend said in a statement, "These are young kids who got excited by a reporter's inquiry. At the end of the day, these are teenagers who acted dumb."
