Shock admission of $72m 'whiz kid'

No Pot Of Gold

He made the whole thing up!

Mohammed Islam, the supposed 'whiz kid' investor who allegedly made $72 million trading stocks, admits now he made absolutely nothing.

Mo Islam, the 17-year-old "whiz kid" investor who suggested he'd made $72 million trading stocks on his high school lunch breaks, admits now he made much less than that.

As in, zero.

After a long day in the media spotlight, Islam admitted to the New York Observer late Monday night that the whole thing had been a fabrication and that he had not made anything at all trading stocks.

"The people I'm most sorry for is my parents. I did something where I can no longer gain their trust," he told the magazine in a question-and-answer session at the office of a public relations firm.

The controversy started with a New York magazine article that suggested Islam was fabulously wealthy for a boy his age, the result of astute stock picking at school.

But skeptics pounced on the story almost immediately, and in a CNBC interview at midday Monday, Islam said the New York article was not accurate. He intimated that his trades had netted a few million dollars but dodged repeated questions.

For the full Observer story click here.

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