'Millionaire' New York City high school student admits he made up stock market tale

A New York high school student who told the story of his fortune from investing in the stock market reportedly made up the whole thing

Mohammed Islam, 17, told New York magazine last week he made $72 million investing in the stock market. Islam did not say how much he was worth, but told the reporter it was "in the high eight figures."

However, Islam revealed to the New York Observer Monday that the story was not true.

The Stuyvesant High School senior said his story to the magazine was "total fiction." Islam really runs an investment club at the high school and has only simulated trades with "extremely high relative to the S&P."

New York reporter Jessica Pressler was in touch with Islam through a friend of his who works for the magazine, which he then led her to believe he made even more than $72 million.

Islam and his friend Damir Tulemaganbetov were scheduled to appear on CNBC. After stressing out about the lie and Islam not speaking to his parents, they canceled their appearance on the channel. 

Islam said his parents would not speak to him and that he was sleeping at a friend's house prior to the interview with the Observer.

"My dad wanted to disown me," Islam said. "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."

After all the mainstream media blow up, Islam and Tulemaganbetov both offered remorse about their actions.

"People will be mad about it," Tulemaganbetov said. "But we're sorry. Especially to our parents."

"I am incredibly sorry for any misjudgment and the hurt I caused," Islam said. "The people I'm most sorry for is my parents. I did something where I can no longer gain their trust."

Click for more from The New York Observer.