The High School Trader Rumored To Have Made $72 Million Admits He Made The Whole Thing Up
New York magazine's Jessica Pressler reported that Stuyvesant High School senior Mohammed Islam, 17, was rumored to have made $72 million from trading the market. The article also said Islam went on record saying his net worth was in the "high eight figures" and that he had already purchased a BMW and rented a Manhattan apartment. Islam's buddy Damir Tulemaganbetov, who was also featured in the article, perpetuated the story.
The story was widely picked up in the media. The two high schoolers were also scheduled to appear on CNBC's "Halftime Report."
After speaking to numerous folks who know Islam and reaching the pair on the phone while en route to CNBC's studios (only Tulemaganbetov would speak to us), Business Insider concluded that it was a rumor spun out of control.
Soon after, CNBC's Scott Wapner got Islam to acknowledge he was not worth $72 million.
On Monday, Islam and Tulemaganbetov finally came clean in an interview with the New York Observer's Ken Kurson alongside the crisis public relations firm 5WPR and attorney Ed Mermelstein of Rheem, Bell & Mermelstein.
Islam admitted that he made up being worth eight figures and that he never actually traded the stock market, other than through simulated trades.
Islam also told The Observer that his parents were mad at him when the New York magazine article came out.
"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. … They knew it was false and they basically wanted to kill me and I haven't spoken to them since," Islam said.
Both high schoolers said they were sorry.