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.