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17-Year-Old Trading Genius Who "Made " $72 Million Actually Just "Made It All Up"

Tyler Durden's picture




 

Yesterday, when we skeptically mocked the NY Mag's Jessica Pressler coverage of Mohammed Islam, the 17-year-old wunderkind who "allegedly" made $72 million in the market by trading penny stocks, we covered the salient lies and told readers to "feel free to click on the NY Mag's story about the young "multi-millionaire" - after all that was the whole point." Sure enough, in the finest tradition of the New Republic's Stephen Glass, the entire article was nothing more than one epic big clickbait fest.

Oh, did we mention: completely fabricated clickbait.

Because after the entire world learned that young trading whiz-kid Mohammed Islam had "made" $72 million, certainly including the IRS which would promptly come looking for the $36 or so million it was due, the alleged megatrader, who got just the wrong 15 minutes of fame, scrambled to set the record straight, and explained the instead of making money, he actually made nothing, he just made it all up: to wit: "Is there ANY figure? Have you invested and made returns at all? No. So it’s total fiction? Yes. I run an investment club at Stuy High which does only simulated trades."

Well that clears it up.

Now all he needs is a newsletter and he can claim he is Investment Club 2.0.

For the full story we present the following interview with the NY Observer, where Islam confesses he is nothing but a paper trader.

New York Mag’s Boy Genius Investor Made It All Up 

Monday’s edition of New York magazine includes an irresistible story about a Stuyvesant High senior named Mohammed Islam who had made a fortune investing in the stock market. Reporter Jessica Pressler wrote regarding the precise number, “Though he is shy about the $72 million number, he confirmed his net worth is in the “’high eight figures.’” The New York Post followed up with a story of its own, with the fat figure playing a key role in the headline: “High school student scores $72M playing the stock market.”

And now it turns out, the real number is … zero.

In an exclusive interview with Mr. Islam and his friend Damir Tulemaganbetov, who also featured heavily in the New York story, the baby faced boys who dress in suits with tie clips came clean. Swept up in a tide of media adulation, they made the whole thing up.

Speaking at the offices of their newly hired crisis pr firm, 5WPR, and handled by a phalanx of four, including the lawyer Ed Mermelstein of RheemBell & Mermelstein, Mr. Islam told a story that will be familiar to just about any 12th grader—a fib turns into a lie turns into a rumor turns into a bunch of mainstream media stories and invitations to appear on CNBC.

Here’s how it happened.

Observer: What was your first contact with the New York magazine reporter?

Mohammed Islam: My friend’s father worked at New York magazine and he had the reporter contact me. Then she [Jessica Pressler] called me.

You seem to be quoted saying “eight figures.” That’s not true, is it?

No, it is not true.

Is there ANY figure? Have you invested and made returns at all?

No.

So it’s total fiction?

Yes.

Are you interested in investing? How did you get this reputation?

I run an investment club at Stuy High which does only simulated trades.

If you had been playing with real money, would you have done really well?

The simulated trades percentage was extremely high relative to the S&P.

Where did Jessica Pressler come up with the $72 million figure?

I honestly don’t know. The number’s a rumor.

She said ‘have you made $72 million’?

[I led her to believe] I had made even more than $72 million on the simulated trades.

At this point the PR reps jumped in with Law & Order style objections. A conference outside the room ensued. Back into the room came Mr. Islam.

All I can say is for the simulated trades, I was very successful. The returns were incredible and outperformed the S&P.

Damir, tell me where you fit into this.

Damir Tulemaganbetov: Well, I got excited by this whole trading thing and I said hey, let me get on board. I heard about this article coming out and Mohammed invited me and I met Jessica.

But you guys are pals outside of this?

We go to social gatherings and friends’ places.

Are you into stockpicking as well?

I haven’t been into it but I’m interested.

Mohammed, you’re from Queens and you go to this elite public high school. Is this a hobby of your parents as well or would you be the first person in your family to pursue high finance?

Mohammed Islam: In my immediate family, just me.

So what did your parents think when they’re reading that you’ve got $72 million?

Mohammed Islam: Honestly, my dad wanted to disown me. 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.

You haven’t? Where did you sleep last night?

Mohammed Islam: At a friend’s house. But we didn’t sleep.

Damir Tulemaganbetov: We stayed awake all night. We’ve been checking out news all over the world.

Are your friends blowing up your phones?

Damir Tulemaganbetov: He had 297 unread messages and 190 LinkedIn. All the friends shared it.

Mohammed Islam: It was hyped up beyond belief.

Damir Tulemaganbetov: We were at CNBC. That’s why we’re dressed up. But we were there and literally in the building stressing out. We had 20 minutes. Then we three times asked them could we have 20 seconds to talk?

[The boys ended up cancelling the CNBC appearance.]

Where do you go from here?

Damir Tulemaganbetov: Socially, people will be mad about it. But we’re sorry. Especially to our parents. Like my dad would read this and be like ‘Oh My God’ because he’s a very humble man and I portrayed him like a bad father.

Mohammed Islam: At school, first things first. I am incredibly sorry for any misjudgment and any hurt I caused. The people I’m most sorry for is my parents. I did something where I can no longer gain their trust. I have one sister, two years younger, and we don’t really talk.

 

So that’s that. There was no $72 million, no “eight figures,” not even one figure. The story is already coming unglued as the commenters on New York’s site hammer the reporter for even thinking this was possible. New York has now altered its headline to back away from the $72 million figure but the story itself remains. Even if this working-class kid had somehow started with $100,000 as a high school freshman on day one at Stuy High, he’d have needed to average a compounded annualized return of something like 796% over the three years since. C’mon, man.

No one asked for my opinion, but I’m going to provide it anyway, having sat with these kids for a good bit on a tough day. They got carried away. They’re not children. But they’re not quite adults, either, and at least Mr. Islam was literally quaking as we spoke. So yeah, they probably should have known better. But New York and the New York Post probably should have, as well. This story smelled fishy the instant it appeared and a quick dance with the calculator probably would have saved these young men—and a couple reporters—some embarrassment.

 

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Tue, 12/16/2014 - 09:43 | 5557752 the not so migh...
the not so mighty maximiza's picture

It is thats Bush fault

Tue, 12/16/2014 - 09:45 | 5557762 GetZeeGold
GetZeeGold's picture

 

 

 

"Made It All Up"

 

Oh....kinda like the current President?

Tue, 12/16/2014 - 09:49 | 5557766 y3maxx
y3maxx's picture

He definitely looks to be half Kenyan.

Tue, 12/16/2014 - 09:49 | 5557781 jcaz
jcaz's picture

The highlight of his life, as he serves fries for the next 60 years.......

Tue, 12/16/2014 - 09:56 | 5557829 The Juggernaut
The Juggernaut's picture

He now has government/central banking promise and would likely succeed in those fields.

Tue, 12/16/2014 - 10:05 | 5557897 TuPhat
TuPhat's picture

That crap news outlet "Marketwatch" is still running the story.

Tue, 12/16/2014 - 10:12 | 5557924 linniepar
linniepar's picture

Just making stuff up? That's FED chairman material right there.

Tue, 12/16/2014 - 10:21 | 5557976 Muddy1
Muddy1's picture

BUT, BUT....... this has to be a true story.  I read it on the internet.

And how many financial, economic, prepper web sites carried this story as "fact", because they can't be bothered to check the facts?

A bunch of fools, the press and gullible people who believed this garbage.  The joke is on them.

 

Tue, 12/16/2014 - 10:33 | 5558049 knukles
knukles's picture

Betcha somebody's gonna bet the livivng piss out of him at school today

Tue, 12/16/2014 - 10:37 | 5558083 clooney_art
clooney_art's picture

Jessica looks at this muslim kid and the number 72 pops up. IE for 72 virgins. Then she goes on a writing spree and puts a dollar figure to the lie she writes. LO, Behold.. $ 72 million.

Tue, 12/16/2014 - 10:40 | 5558105 smlbizman
smlbizman's picture

rodney sums it up in 9 seconds....r.i.p. rodney

https://www.youtube.com/watch?v=udfhBjR-FtA

Tue, 12/16/2014 - 11:54 | 5558448 847328_3527
847328_3527's picture

He's definitely Wall Street material.

Tue, 12/16/2014 - 12:00 | 5558472 BuddyEffed
BuddyEffed's picture

Probably did it to try to impress the girls/women.   Are there any girls/women that can now tell us a story about advances made by said stuffed shirt?  

Tue, 12/16/2014 - 12:01 | 5558481 Silky Johnson
Silky Johnson's picture

No caviar? No apple juice? Son of a bitch!!!!

Tue, 12/16/2014 - 12:07 | 5558502 BuddyEffed
BuddyEffed's picture

Maybe some folk in the chain of events did a little personal Quantitative Easing.

Tue, 12/16/2014 - 15:56 | 5559653 TerminalDebt
TerminalDebt's picture

We lied to some folks

Tue, 12/16/2014 - 19:57 | 5560755 COSMOS
COSMOS's picture

Obama should appoint him FED chair, oh ooops he is muslim and not a card carrying member or AIPAC, sorry kid you will go to jail instead.

Wed, 12/17/2014 - 06:02 | 5562090 Heavy
Heavy's picture

Looks like is was way more educational and enlightening for everyone involved than I'd guess...say...about 90% of my college and grad classes.  Amazingly well done.  I agree appoint him to public office or else!  They should be paid for the investigative journalism of journalism they so brilliantly and subtly accomplished!  They were smart enough not to end up on CNBC!  The boys cancelled on CNBC, HA!  Even if it was an inside job, it points to important failings in MSM.

Tue, 12/16/2014 - 13:01 | 5558793 wakablahh
wakablahh's picture

He probably got confused with the whole 72 virgins thing..

Tue, 12/16/2014 - 14:27 | 5559249 Debt-Penitent
Debt-Penitent's picture

Yeah, who's going to pay that $400 caviar and apple juice bill?  Dear ole Dad?  WTF?

Tue, 12/16/2014 - 10:39 | 5558100 Paveway IV
Paveway IV's picture

I still think it's sad that the Aussie cops ended up killing this kid. 

I can see why he was in a chocolate shop, but what did his radicalization have to do with his fake phenomenal stock returns?

Tue, 12/16/2014 - 13:04 | 5558797 A Nanny Moose
A Nanny Moose's picture

That's more than Jon Corzine got.

Tue, 12/16/2014 - 10:34 | 5558058 knukles
knukles's picture

So, Mohammad's scheme just got beheaded.
Todja todja todja
Allah Akbar, Pennies for Heaven
ISIS real or not?   (get it, like "is this" real or not.... haha ha ha ha ha ha ha ha ha)

Tue, 12/16/2014 - 10:37 | 5558088 MalteseFalcon
MalteseFalcon's picture

I read in the story that "Mohammed Islam" drinks champagne with gummy bears, owns a Maserati and has an apartment in Manhattan.

I suppose that's all fake as well?  The name in particular.

Tue, 12/16/2014 - 11:01 | 5558232 FuzzyDunlop21
FuzzyDunlop21's picture

I know a few people with the last name Islam. Some of them arent even Muslim. 

Tue, 12/16/2014 - 12:53 | 5558744 knukles
knukles's picture

I think he meant the apartment, Maserati (tacky), gummie bears (72 at a time), etc.

Tue, 12/16/2014 - 10:23 | 5557997 pods
pods's picture

When I was 9 I made so much money in real estate the bank ran out of money to give me.
Errrr, wait, that was monopoly.  

pods 

Tue, 12/16/2014 - 10:55 | 5558191 RaceToTheBottom
RaceToTheBottom's picture

The pinacle of American Financial Journalism, right here, in one story.

Research, nope.

Financial envy, yep.

Quality, nope.

Responsibility, nope.

 

Tue, 12/16/2014 - 11:56 | 5558457 markovchainey
markovchainey's picture

You nailed it right there RaceToTheBottom.  +1000000

Tue, 12/16/2014 - 12:06 | 5558495 Meme Iamfurst
Meme Iamfurst's picture

JPM, Goldman or Fed Reserve  recruiters are knocking on his door right now. 

"need a job young man?"

Tue, 12/16/2014 - 16:23 | 5559776 U4 eee aaa
U4 eee aaa's picture

Not because he made 72 million on paper, but because he could lie and dupe half the world into believing it

Tue, 12/16/2014 - 10:08 | 5557914 Pool Shark
Pool Shark's picture

 

 

Well, if the Fed can just make up 'money', why can't he just make up 'profits'?

 

Tue, 12/16/2014 - 10:12 | 5557928 NoDebt
NoDebt's picture

No PhD.  

Tue, 12/16/2014 - 11:43 | 5558122 hedgeless_horseman
hedgeless_horseman's picture

 

 

No DoD. 

You always need muscle to back-up a racket.

Tue, 12/16/2014 - 10:49 | 5558155 FrankieGoesToHo...
FrankieGoesToHollywood's picture

No - he came clean.  This is a trait not consitent with gov/bankers.

Tue, 12/16/2014 - 10:59 | 5558215 detached.amusement
detached.amusement's picture

haha yeah,  somehow I just cant picture ol yeller coming out and saying ah jeez, you caught us, we might as well admit all of this debt owed the fed banks is entirely illegitimate...

Tue, 12/16/2014 - 10:33 | 5558055 Bangin7GramRocks
Bangin7GramRocks's picture

The fact that even one person believed this was possible shows how silly the entire "market" is. Nobody would believe that a 17 year old kid beat LeBron James in a game of one on one. Not one! The entire "market" is a fucking casino but there are still thousands of people paid exorbitant amounts of money to be analysts, strategists and other forms of "expertise". Motherfucking silliest goddamn thing in history!!!!!

Tue, 12/16/2014 - 10:52 | 5558183 Raging Debate
Raging Debate's picture

Exactly, serving fries alongside the Burger King Dork:

http://m.youtube.com/watch?v=oWqBXrYaJRg

Both memorialized forever.

Tue, 12/16/2014 - 12:56 | 5558757 JRobby
JRobby's picture

Of course he still owes $36 mil to the IRS so they own a piece of that paycheck for the next 834 years.

Tue, 12/16/2014 - 09:50 | 5557788 SilverIsKing
SilverIsKing's picture

He may be an idiot but those who believed his story are bigger idiots.

Tue, 12/16/2014 - 10:06 | 5557905 saints51
saints51's picture

Oh, you can bet 90% of people believed every word of it. If the newspaper and tv said it is so then it must be true.

Tue, 12/16/2014 - 10:53 | 5558186 FrankieGoesToHo...
FrankieGoesToHollywood's picture

I still believe it!  He is just doing damage control to get the dead-beat 11 grade beggars from loitering around his locker.  Cant get to class without being hounded.

Tue, 12/16/2014 - 15:22 | 5559489 nufio
nufio's picture

if he was smart he would cash in on his pr and write a book or start a youtube channel or something

Tue, 12/16/2014 - 09:51 | 5557800 yogibear
yogibear's picture

You mean Keynesian PhD?

See him leading the Federal Reserve. He's a natural BSer.

Tue, 12/16/2014 - 09:56 | 5557812 TruthInSunshine
TruthInSunshine's picture

The best way to make a fortune in vaporware equity "markets" is on the 2 & 20 or 4 & 40 plan, regardless of actually producing positive or negative returns, with Other Peoples Money, bitchez.

Money Changers & Shylocks, bitchez.

Tue, 12/16/2014 - 09:59 | 5557842 sodbuster
sodbuster's picture

At least he came clean and admitted what he had done- more than Corzine or Dimon would ever do, or any bankster, for that matter.

Tue, 12/16/2014 - 10:26 | 5558009 bwh1214
bwh1214's picture

LOLOLOLOL.  There were so many questions that were not addressed in the origional story I had my doubts.  Where did his inital capital come from, where were his investments focused ect ect, questions that you would have expected any reporter worth their salt to have.  This caused me to think the reporter didn't to thier due diligence and as we all know kids lie.  I love it!!!  People get lucky but this was doubtful. 

Tue, 12/16/2014 - 09:58 | 5557849 Stoploss
Stoploss's picture

He's a fat one alright...

Tue, 12/16/2014 - 10:10 | 5557921 Pool Shark
Pool Shark's picture

 

 

Fat finger trades????

 

Tue, 12/16/2014 - 10:01 | 5557863 Firepower
Firepower's picture

The BallWasher Media abdicates its duty of verification to simply promote "Diversity" as feel-good even-immigrants-can-do-it-too crap to amuse the elite and placate everyone else:

Feudal Frisco Purges Its Poor http://wp.me/p2kmGE-4iA

Tue, 12/16/2014 - 10:02 | 5557870 SethDealer
SethDealer's picture

a fat stinky dumbass lying arab, who would have thought?

Tue, 12/16/2014 - 10:46 | 5558145 Paveway IV
Paveway IV's picture

Yeah... except he's not arab. But you already knew that, right?

Tue, 12/16/2014 - 12:50 | 5558735 LFMayor
LFMayor's picture

So?  If i get in the mood, why would I care?

Tue, 12/16/2014 - 16:33 | 5559784 Blankenstein
Blankenstein's picture

He MADE SOMETHING UP, he wasn't insider trading, didn't commit fraud or steal.  Got any of that hate and anger for the real crooks or the fact that they get away with their crimes, Seth?

 

"Federal appeals court overturned and threw out the guilty verdicts of two hedge fund managers, Todd Newman and Anthony Chiasson, ruling jury instructions tainted their verdictsand imperiling other cases brought in his multiyear probe."

http://www.zerohedge.com/news/2014-12-10/insider-trading-legal-following...

 

"A federal appeals court said the U.S. government had waited too long to prosecute three formerGeneral Electric Co bankers for conspiring to defraud cities in a municipal bond bid rigging scheme, and ordered the case to be dismissed.


 

"A Manhattan federal jury convicted the defendants of conspiracy to commit wire fraud and defraud the United States. Goldberg was sentenced to four years in prison, and Carollo and Grimm to three years each."

http://www.reuters.com/article/2013/12/09/ge-bidrigging-decision-idUSL1N...

 

 

 

Tue, 12/16/2014 - 10:57 | 5558119 Creepy A. Cracker
Creepy A. Cracker's picture

If Dear Leader Obama had a son he'd behave like this guy. 

And have a tax payer funded "sex change" operation...

Tue, 12/16/2014 - 11:15 | 5558294 csmith
csmith's picture

Oh...kinda like the current Fed chair? 

Tue, 12/16/2014 - 11:37 | 5558404 starman
starman's picture

I just made 150 mill but its my secret! 

Tue, 12/16/2014 - 09:51 | 5557793 ABG LINE
ABG LINE's picture

We "made it all up".... folks.

Tue, 12/16/2014 - 09:58 | 5557848 sodbuster
sodbuster's picture

We fooled some folks.

Tue, 12/16/2014 - 10:02 | 5557873 GeezerGeek
GeezerGeek's picture

Isn't that what the Federal Reserve tries to do? Make up fake wealth?

I hope the IRS still gives him a tax bill for $36 million. Make him pay for the rest of his life.

On the other hand, he is a terribly convincing liar. I see a future for him in politics.

Tue, 12/16/2014 - 09:59 | 5557844 firstdivision
firstdivision's picture

We simulated some people

Tue, 12/16/2014 - 10:07 | 5557900 LasVegasDave
LasVegasDave's picture

No one should be surprised. 

 

Taqiya forms the basis of their interactions with westerners.

Tue, 12/16/2014 - 10:47 | 5558150 Jumbotron
Jumbotron's picture

Not only a member of the Religion of Peace....but the Religion of Bullshit as well.

Tue, 12/16/2014 - 09:43 | 5557755 dirtyfiles
dirtyfiles's picture

"simulated" how do we know this?

Tue, 12/16/2014 - 09:45 | 5557758 LawsofPhysics
LawsofPhysics's picture

What's that, pay a capital gains tax?

Nevermind "I made it all up".

 

Tue, 12/16/2014 - 11:57 | 5558462 847328_3527
847328_3527's picture

“The economic rekovery is robust!”

 

“There’s never been a better time then now to buy a house.”

 

“If you want to keep your insurance, you can keep your insurance.”

 

… never mind; I made it all up.

 

 

Tue, 12/16/2014 - 09:46 | 5557764 ebworthen
ebworthen's picture

Okay, but when does the FED have their "we made it all up" press conference?

Tue, 12/16/2014 - 09:47 | 5557768 jagercali
jagercali's picture

Fucking Arab.....deport him

Tue, 12/16/2014 - 09:49 | 5557779 22winmag
22winmag's picture

He's from the "Bengal region" whatever the fuck that means... apparently India or Pakistan.

Tue, 12/16/2014 - 10:03 | 5557883 GeezerGeek
GeezerGeek's picture

Or maybe he's from Cincinnati

Tue, 12/16/2014 - 10:21 | 5557977 HughK
HughK's picture

Or India or Bangladesh.  Ever try using the internet to learn things you don't know?

Tue, 12/16/2014 - 13:00 | 5558787 JRobby
JRobby's picture

WTF Indeed Sir!!!!! You have won!!!!

Please select the prize that Carol is bringing down the aisle.......it's a GED!!!

Tue, 12/16/2014 - 09:49 | 5557782 Jstanley011
Jstanley011's picture

One of these days the clock is going to start ticking on how fast they burn through those petro dollars before they have to go back to goat herding.

Tue, 12/16/2014 - 16:31 | 5559816 Blankenstein
Blankenstein's picture

Deport him?  Really?  How about deporting or better yet jailing those who actually commit crimes on Wall Street.   

Tue, 12/16/2014 - 09:48 | 5557775 Battle Beagle
Battle Beagle's picture

He would make a great central banker! 

Tue, 12/16/2014 - 10:18 | 5557969 stewie
stewie's picture

He would make a great politician or congressman or banker or senator! 

 

Fixed.

Tue, 12/16/2014 - 09:50 | 5557777 JustObserving
JustObserving's picture

If the Fed can make up a  few trillion, a high school student in the land of the free surely can be forgiven for making up $72 million - good training for Wall Street jobs.

"We're an empire now, and when we act, we create our own reality."

Tue, 12/16/2014 - 09:49 | 5557778 Panic Mode
Panic Mode's picture

I did say I was abducted by aliens.

Tue, 12/16/2014 - 09:50 | 5557784 yogibear
yogibear's picture

He has a future in the US federal Reserve.

A future Ben Bernanke.

Tue, 12/16/2014 - 09:49 | 5557786 Bill of Rights
Bill of Rights's picture

The kid would make a good central banker someday. No worries kid our Central Bank types lie too.

Tue, 12/16/2014 - 09:52 | 5557787 Rainman
Rainman's picture

Dude's first job out of skool will be interning for Cramer.

He's the master at making shit up.

Tue, 12/16/2014 - 09:54 | 5557789 Dr. Engali
Dr. Engali's picture

Wow! Who would have thunk it? Fucking retards will believe anything they read today.

Tue, 12/16/2014 - 10:00 | 5557851 NoDebt
NoDebt's picture

It fills me with pride that 80% of the comments in this thread are directing the young lad towards a promising career in central banking.  

Tue, 12/16/2014 - 10:10 | 5557918 insanelysane
insanelysane's picture

College football player continues through tough season after girlfriend dies, college football player hurts leg jumping from balcony into pool to save relative from drowning, KFC workers kick little girl out of restaurant for having bandaged face, police in Ferguson shoot guy kneeling on pavement with hands up, last 2 presidents actually passed course work to get Ivy league degrees, Al Gore cares about the environment,...

Tue, 12/16/2014 - 09:49 | 5557790 SickDollar
SickDollar's picture

this is your proof to never ever get your info from the MSM

 

Tue, 12/16/2014 - 09:51 | 5557796 Number 156
Number 156's picture

You beleive everything you read on the internet?

Tue, 12/16/2014 - 09:54 | 5557824 GetZeeGold
GetZeeGold's picture

 

 

I believe everything my dear socialists leaders tell me......and you should too.

Tue, 12/16/2014 - 10:07 | 5557907 GeezerGeek
GeezerGeek's picture

You omitted the "Or Else!" at the end of your comment.

Tue, 12/16/2014 - 09:54 | 5557798 quasimodo
quasimodo's picture

Smug fat little fuck, and where is the old man? He need his ass kicked for letting jr. lead others on like he did.

edit...ok so I missed the part at the bottom, maybe the old man has some scruples after all. 

Tue, 12/16/2014 - 09:55 | 5557823 ShorTed
ShorTed's picture

read the article, the old man dis-owned the kid that caused him to come clean.

Tue, 12/16/2014 - 10:35 | 5558081 FrankieGoesToHo...
FrankieGoesToHollywood's picture

Im not mad at the kid.  Infact I think it makes it funnier.  Everyone in the Mainstream media grabbed this story and ran. No fact checking.  personally, I think he should have stuck with it.  "What do you mean its gone, what happen to it?  This is an outrage!!!!"

Tue, 12/16/2014 - 09:52 | 5557801 blabam
blabam's picture

It's funny because he's fat. 

Tue, 12/16/2014 - 09:56 | 5557827 GetZeeGold
GetZeeGold's picture

 

 

Yeah.....it just works.

Tue, 12/16/2014 - 09:51 | 5557802 Irisk
Irisk's picture

Credible media stories are a thing of the past.  Click bait and get the views for media $$.  There are enough sites to recycle crappy reporter/bloggers. 

"A lie can travel halfway around the world while the truth is putting on it's shoes."  - Mark Twain

Tue, 12/16/2014 - 09:53 | 5557808 Realname
Realname's picture

A Muslim who lies...how novel.

Tue, 12/16/2014 - 13:21 | 5558889 zerozulu
zerozulu's picture

oh yeh, WMD any one???

 

 

 

Tue, 12/16/2014 - 09:55 | 5557826 RichardENixon
RichardENixon's picture

He was goaded into this ruse by his friend Sum Ting Wong.

Tue, 12/16/2014 - 10:16 | 5557948 SumTing Wong
SumTing Wong's picture

Hey hey hey...I smelled a rat from the beginning. $72 million and 72 virgins for this boy? Really? And Mohammed Islam? Whowouldathunkit? The kid made shit up.

OK, so I'm not against making the MSM look like complete fools, but this wasn't my thing. Mine was for Bernanke drop a flaming bag of dogshit off on the Chinese Imperial Palace doorstep, ring the doorbell, and run like hell. So I kinda did get that to happen...

Tue, 12/16/2014 - 10:53 | 5558190 RichardENixon
RichardENixon's picture

My bad bro. Had you confused with Wi Tu Lo. You all look alike, you know

Fri, 12/19/2014 - 13:32 | 5573089 SumTing Wong
SumTing Wong's picture

All of us white people with dark hair who take on aliases as if we're Asian?

Tue, 12/16/2014 - 09:57 | 5557831 Q-Q-Q
Q-Q-Q's picture

He'll go on to work for the Fed official statistics dept!

Tue, 12/16/2014 - 10:04 | 5557886 semperfi
semperfi's picture

he has a bright future - fraud is the best ticket to riches now in Ammerika

Tue, 12/16/2014 - 09:57 | 5557839 buzzsaw99
buzzsaw99's picture

i'm glad he didn't lose any real money. simulated trades in penny stocks do not take into account the effect one's own trades have on the price so those numbers are bogus any way you look at it.

Tue, 12/16/2014 - 10:12 | 5557927 insanelysane
insanelysane's picture

Exactly, you place a real buy or sell order on penny stocks for $50 million and see what happens to the price.

Tue, 12/16/2014 - 10:25 | 5558007 buzzsaw99
buzzsaw99's picture

hell try to sell $50 worth and see what happens

Tue, 12/16/2014 - 09:59 | 5557843 Lanka
Lanka's picture

Did any hot chicks fall for it?

Tue, 12/16/2014 - 10:18 | 5557961 SumTing Wong
SumTing Wong's picture

He did say he spent the night at "a friend's house." Friends with benefits???

Tue, 12/16/2014 - 10:47 | 5557846 lordbyroniv
lordbyroniv's picture

Crazy Older generation.  

 

"Their morals are that if I lie about it and don’t own up to it then they can no longer trust me."

Tue, 12/16/2014 - 09:58 | 5557847 SpanishInquisition
SpanishInquisition's picture

This to me still doesn't add up: " My friend’s father worked at New York magazine and he had the reporter contact me." The kids didn't go out to the media, but instead it was parent-instigated. If the father actually beleved they were making money, he would have worked to get them a tax adviser, set up a corporation to do the trades in, etc like that before getting them a repoter. Also you would think the reporter would ask the parents about this since presumably the parents would have set up the trading account. Then again perhaps this is all about Erdely-style truthiness where fact-checking doesn't matter, but what matters is that there's people making money on Wall Street.

Tue, 12/16/2014 - 10:05 | 5557888 sheikurbootie
sheikurbootie's picture

Spanish, are you fucking kidding?  Do you know how much paperwork is required by the IRS PER TRADE?  He would have needed a whole fucking accounting firm to sort through this "day traders" bullshit.   If you make a $100,000 it cost an extra $1000 for the CPA to fill out the forms for long term/short term gain/loss.  I knew it was bullshit at the headline.

Tue, 12/16/2014 - 09:59 | 5557854 sheikurbootie
sheikurbootie's picture

I knew it was bullshit and didn't bother to read the article.  UGMA (uniform gift to minors act) prohibits kids from trading real money without parental approval.  One of my parents had to sign off on each trade I made as a minor (35 years ago). 

Tue, 12/16/2014 - 10:02 | 5557864 semperfi
semperfi's picture

in the Age of Fraud, do you think law matters ?

Tue, 12/16/2014 - 10:14 | 5557940 sheikurbootie
sheikurbootie's picture

semperfi, you can't open an account/wire transfer etc. without the UGMA forms filled out.  I couldn't make a trade without a parent verifying with broker.  I'd guess most brokers wouldn't fiddle with it.

Tue, 12/16/2014 - 10:00 | 5557856 semperfi
semperfi's picture

fraud reigns

a trader captializing on the grotesquely fraudulent markets is himself a grotesque fraud

fraud - the new Amerikan exceptionalism

Tue, 12/16/2014 - 10:00 | 5557861 GoBadgers
GoBadgers's picture

"The simulated trades percentage was extremely high relative to the S&P."

 

The proud owner of $72 million fake US dollars.......which soon will be what $72 million in real dollars is worth.

Tue, 12/16/2014 - 11:06 | 5558259 RaceToTheBottom
RaceToTheBottom's picture

If he was smart he could have turned this whole discussion into just what is fake?  Fake FRN?

Funnier than shit.

Tue, 12/16/2014 - 10:02 | 5557869 replaceme
replaceme's picture

What a fuckstick.  I assume I'll work for him some day.

Tue, 12/16/2014 - 10:03 | 5557876 That_shits_broken
That_shits_broken's picture

Get to work Mr. Bullard!

Tue, 12/16/2014 - 10:03 | 5557878 Seasmoke
Seasmoke's picture

Didn't he pay attention to what The Tribe did to last fat Indian who lied ??...

Tue, 12/16/2014 - 10:03 | 5557879 ASACJon
ASACJon's picture

I mean, we all knew that this was completely bogus.  But with that said, I still have questions.

 

Was this pure click bait?  Did the media want a pro-investing story to shore up confidence in a questionable market?  1010 WINS News even covered this, so I'm given to think that CBS/Viacom had a story to manufacture.

 

What I don't understand is why didn't they just cherry pick a true story of the lottery winner who actually chose the right penny stock. 

 

Ah, but then I remember: that sort of thing takes actual effort, which is nearly extint today.

Tue, 12/16/2014 - 12:42 | 5558684 Perfecthedge
Perfecthedge's picture

This story even spilled over to MSM in Europe! Read it in German newspapers (albeit shitty ones) and some other countries too.  So, we are being fed the same BS over here.

The sad thing is: some of the MSM in Europe will not correct the mistake, others will correct this but readers will miss it and still believe this BS.  "Hey Joe, read the other day about a kid that made 72 mil....let's go and invest"

Damage is already made.

 

What will they invent next time? Maybe a story about someone that doesn't even exist, with a funny name.  Loved the caviar and apple juice detail.  Cool meme.

Next time: New York beggar was shitting on Wall Street Journal, found secret formula to buy stocks and became millionaire.  He likes to eat dead raccoons with Dom Perignon.

Tue, 12/16/2014 - 10:03 | 5557880 insanelysane
insanelysane's picture

The 4th estate has disappeared.  Feel free to act accordingly.  Starting to see stories that say Sony execs aren't really the pretentious, racist assholes that wrote those emails and even if they are all movie execs are pretentious, racist assholes so it's ok because they say the right things in public.

Tue, 12/16/2014 - 10:03 | 5557882 Bumbu Sauce
Bumbu Sauce's picture

Oddly enough "Mohammad Islam" is the name of at least 100 million pedophile imbeciles on planet Earth.

Tue, 12/16/2014 - 10:36 | 5558084 Bumbu Sauce
Bumbu Sauce's picture

Typical... junked by ZH jew-haters.  You fucksticks deserve sharia.

Tue, 12/16/2014 - 10:04 | 5557892 Seasmoke
Seasmoke's picture

He Will be able to laugh about this in 40 years. ..

Tue, 12/16/2014 - 10:05 | 5557893 Calculus99
Calculus99's picture

Rule Number 1 of the Media

Don't let the facts (even if there are none at all) get in the way of a good story.

Classic bit of business for them. Lots of page views, lots of talk generated, lots of advertising sold, but ultimately complete bollocks.

Tue, 12/16/2014 - 10:05 | 5557894 mattgallis
mattgallis's picture

Since when is 17 not a child?  Kid barely knows his route to school let alone managing PR BS

Tue, 12/16/2014 - 10:05 | 5557895 JBilyj
JBilyj's picture

"yeah, yeah bl-anders, that's a good idea, thats a good idea"

LMAO no fact checking this kid..

Tue, 12/16/2014 - 10:08 | 5557908 medium giraffe
medium giraffe's picture

Ah, so he's learned the first rule.

The correct answer is: "What $72 million?"

Tue, 12/16/2014 - 10:07 | 5557912 schooltruth
schooltruth's picture

So will all of the websites that ran this story yesterday be offering rebates to their advertisers for running a false story?  That's what I thought.  

 

Wash, rinse, repeat next week.

Tue, 12/16/2014 - 10:20 | 5557926 yellowsub
yellowsub's picture

As an individual trader, you can't make large consecutives gains w/o drawing the ire of some gov't agency...especially to make $72 million...  He woudl have been profiled long before.

Tue, 12/16/2014 - 10:13 | 5557935 lemarche
lemarche's picture

Don't tell me anybody got to trust that stuff???... 17M$ from scratch, under 18yo??...

Not even one in a billion monkeys trading would manage it, if only by odds...

Tue, 12/16/2014 - 10:17 | 5557951 i_fly_me
i_fly_me's picture

Someone get this kid an interview with the Federal Reserve. He's got what it takes to be a central banker.

Tue, 12/16/2014 - 10:17 | 5557959 omrizario
omrizario's picture

Mohammed Islam, Allah is proud of you, mother fucker! You'll get you 72 virgins.

Tue, 12/16/2014 - 11:29 | 5558360 Grinder74
Grinder74's picture

And here he thought it would be 72 million virgins!

Tue, 12/16/2014 - 10:17 | 5557962 cigarEngineer
cigarEngineer's picture

How stupid or inexperienced do you have to be to even think for one second that this was true. Anyone who has traded even 1 or 2 million knows that you can't get fills without high-frequency traders sniffing you out and milking you. Second, it takes a lot of experience and failure to learn enough money management to get to 72 million.

Tue, 12/16/2014 - 10:20 | 5557970 Infinite QE
Infinite QE's picture

chindit's son?

Tue, 12/16/2014 - 10:23 | 5557994 venturen
venturen's picture

why doesn't he get the FED to bail him out...like the crooks on wall street. As they make it up...then get rescued!

Tue, 12/16/2014 - 10:24 | 5558002 Harry Balzak
Harry Balzak's picture

Bet his friend's dad will get fired from the New Yorker

Tue, 12/16/2014 - 10:30 | 5558038 Wild Theories
Wild Theories's picture

On my second view, he's still a very hairy 17 yr old

 

I got nothing against hairy guys(I'm all for bringing back beards), but hairy kids bug me...

Tue, 12/16/2014 - 10:30 | 5558043 FrankieGoesToHo...
FrankieGoesToHollywood's picture

He is not made of the stuff of banksters.  A true bankster would have held the lie.  In fact, they would have made it more unbeiveable:  "I dont know what happent to the money.  its gone (corzine)". 

This is just a poor average kid.  Better hit the books son.  You dont have what it takes to be a hedgie.  You have a concience.

Tue, 12/16/2014 - 10:34 | 5558051 Spungo
Spungo's picture

Teens make up retarded stories on the internet. News at 10.

I really do wish these kids the best of luck in their future trades when they manage to save up enough money to make real trades.

Tue, 12/16/2014 - 10:33 | 5558053 Catullus
Catullus's picture

So... there's no difference between him and what we call bank accounting right now?

 

Also, are "journalists" like the biggest suckers out there right now? Like what is a journalism degree? Is it setting up the spellcheck macros correctly? Maybe it's talking really fast and dressing fashionably and shaming people in your office environment while you scoop the latest thing trending on social media.

Tue, 12/16/2014 - 12:48 | 5558720 Perfecthedge
Perfecthedge's picture

Buddy, buddy, buddy....stop right there.  I mean your last paragraph! You are expecting too much from modern "journalists".  I have worked at a Consulting firm and can guarantee you that what you wrote is already too much to bear for them.

Some of these folks stop right after one Twitter post and need a coffee or a diazepam or both (but feel entitled to ask for the newest MAC-shit product and a BMW as company car!)

Tue, 12/16/2014 - 10:32 | 5558061 NEOSERF
NEOSERF's picture

Nice, a true American kid who is watching and learning from Obama, CIA, Congress, economists, the Fed...you name it...this kid just got a little over ambitious with his number but is learning what it will take to survive in the coming decades in America....

Tue, 12/16/2014 - 10:37 | 5558085 Jack of All Trades
Jack of All Trades's picture

His simulated earnings were corzined

 

Tue, 12/16/2014 - 10:39 | 5558095 youngman
youngman's picture

It shows you how stupid the press is in this article...no one checked this guy out....noone...wow..that is stupid...

Tue, 12/16/2014 - 10:39 | 5558097 Duc888
Duc888's picture

 

 

Dude just needs to run for President or something.  He'd be a shoe-in.

Tue, 12/16/2014 - 10:45 | 5558133 MathWins
MathWins's picture

Of course he made it up.  I couldn't believe the media fell for this from the get-go.  Well, maybe I can.  Facts?  What do they matter.  Apparently it's too much work for some in the media to dig them up.

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