New York mag apologizes for completely false story onteenage stock trading whiz

New York mag apologizes for completely false story on teenage stock trading whiz

New York Magazine has issued an apology after running a recent story about a high school student's$72 million fortune amassed through stock trading turned out to be entirely false.

The original story focused on Mohammed Islam, a senior at Stuyvesant High School in New YorkCity. Islam purportedly had put together a net worth in the "high eight figures" through his marketmagic, a fact that the magazine said they believed confirmed by a Chase bank statement.

See also: The top 20 most-shared ads of 2014

Jessica Pressler, who penned the article, labeled the reports of Islam's wealth and stock-pickingacumen as rumor, but did not do anything to question the veracity of the claims. "Mo," as he isreferenced in the story, was painted as a quiet savant that was a celebrity at his school.

Islam's story spread far and wide, with noshortage of other news outlets aggregating thestory. He was said to be in talks to start his ownhedge fund.

The story began to unravel when the New YorkObserver interviewed Islam, who admitted thathe had fabricated the story. The Washington Postalso debunked it.

"We were duped. Our fact-checking process wasobviously inadequate; we take full responsibility and we should have known better. New Yorkapologizes to our readers," New York Magazine noted in its apology.

Islam also released an apology in a video posted on Tuesday afternoon.

Have something to add to this story? Share it in the comments.