In an exclusive inteview with the New York Observer,Mohamed Islamcame clean and revealed that the entire story had been fabricated.
The teen made no investments and had not seen any returns on the market.
So where did the reporter get the $72 million figure come from? "I honestly don't know," he told the Observer. "That number's a rumor. [I led her to believe] I had made even more than $72 million on the simulated trades."
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A student at Stuyvesant High School in New York City has reportedly made quite a fortune off the stock market.
New York Magazine reported that the high school senior, Mohamed Islam, who was listed on Business Insiders “20 under 20”, has amassed a rumored fortune of about 72 million.
He told New York Magazine that his networth rests in the “high eight figures,” and that he’s already purchased and apartment (that his parents won’t let him move into yet), and a BMW (that he can’t drive).
The “cherubic senior with a goatee and slight faux-hawk” claims to have found his start in Penny Stocks at the age of 9. The young trader studied up on modern finance until he started trading in “oil and gold.”
The young financier pals around with a group of teens much like himself, all of whom are the children of the self-described “one percent of the one percent.” The group hopes to start a hedge fund together and reach their goal of making a billion dollars. All of this while also attending college.
Islam ended his interview with a frank observation, “What makes the world go round? Money. If money is not flowing, if businesses don’t keep going, there’s no innovation, no products, no investments, no growth, no jobs.”