Teen retains lawyer after claiming 8-figure stock profits; New York Magazine: 'We were duped'
When a 17-year-old who hasn’t yet graduated from high school claimed to have a net worth in the in the “high eight figures” from stock trading, New York Magazine took a look at the bank statement he provided and published a story.
In fact, Mohammad Islam almost immediately admitted to the New York Observer, he has never actually purchased any stock, although he said he did very well in a high school investment club’s simulated stock-buying exercise. His website says trading options and futures is his primary focus.
“We were duped,” says New York Magazine in a note appended to its retracted Monday story about Islam’s stunning success on the stock market.
Islam and a friend who participated in the story are now represented by a lawyer and a public relations firm experienced in crisis management, according to the Observer and the Washington Post (reg. req.).
Islam’s parents are furious, his lawyer, Edward Mermelstein, told the Post. So dealing with his family is Islam’s first priority right now.
Ronn Torossian, the president of the 5WPR firm, apologized on Islam’s behalf. The teen, Torossian said, “is overwhelmed by all the attention he has received and he is sorry for anyone who has been hurt by this,” yet at the same time the situation should be kept in perspective.
“He didn’t cheat anyone. He didn’t steal anything. He’s a kid who took a story too far,” Torossian said.
