New York Magazine is standing by its article reporting that Stuyvesant High senior Mohammed Islam made millions playing the stock market, despite growing evidence that the claims may not be true, including an interview Monday night with the New York Observer in which Islam admits he made it all up.
In its online post of the article, which initially appeared Monday in the print edition of the magazine, an editor's note has been added backing away from the original $72 million dollar claim and the headline touting that figure has been changed, but it stands by the rest of the article, stating that Mohammed provided evidence of his eight-figure worth. NY Magazine has not yet responded to TheWrap's request for comment.
Editor’s note: Mohammed Islam has denied that he made $72 million on the stock market. Our story portrays the $72 million figure as a rumor; the initial headline has been changed to more clearly reflect the fact that we did not know the exact figure he has made in trades. However, Mohammed provided bank statements that showed he is worth eight figures, and he confirmed on the record that he’s worth eight figures.
The note referenced an article on CNBC where 17-year-old Islam admitted that the $72 million figure was not accurate. Islam and a friend were scheduled to appear on CNBC's "Halftime Report" after the article was published, but they backed out, according to CNBC on Monday afternoon.
NY Observer: Is there ANY figure? Have you invested and made returns at all?
Islam: No.
NY Observer: So it’s total fiction?
Islam: Yes.
Islam said that he had no idea where the $72 million figure cited by New York Magazine reporter Jessica Pressler came from. "[I led her to believe] I had made even more than $72 million on the simulated trades," Islam said, before PR reps purportedly interrupted the proceedings and demanded a quick conference.
When the interview recommenced, Islam said, "All I can say is for the simulated trades, I was very successful. The returns were incredible and outperformed the S&P."
Islam went on to tell the Observer that his parents are very upset with him for lying and that he had to spend the night at a friend's house. "Their morals are that if I lie about it and don't own up to it then they can no longer trust me," he said.
The Leaders Investment Club, of which Islam is a member, released a statement as well on Monday, in which they said they had performed due diligence and interviewed Islam. They have "determined that these claims are false and simply been blown up by the media in the interest of sensationalism." The club called for Islam to "clear up all misinformation surrounding his claims, misconstrued or otherwise."
Read the complete statement from the Leaders Investment Club:
It has been brought to the attention of the Leaders Investment Club that Mohammed Islam has been rumored to have made $72,000,000 through making trades in the stock market. After performing due diligence and talking with Mohammed Islam himself, we have determined that these claims are false and simply been blown up by the media in the interests of sensationalism. We hold all our members to exacting moral and investing standards, and ask Mohammed Islam to clear up all misinformation surrounding his claims, misconstrued or otherwise. The goal of Leaders Investment Club is to promote the financial education of Millennials, and we disavow affiliation with members who fail to promote accurate and transparent information.
11 Hollywood Hacker Movies: From an Angelina Jolie Stinker to a Potential Oscar Winner (Video)
"Hackers" (1995): It's only on the top of the list because of the name, since this cyberpunk adventure starring Angelina Jolie, Jonny Lee Miller and Matthew Lillard didn't exactly impress critics. It was, however, on the forefront of predicting a cyber crime wave that has finally hit Hollywood.
"The Net" (1995): The trailer tells viewers that "computer analyst Angela Bennett was just doing her job when she stumbled onto something she never should have seen." The same could be said about future Oscar winner Sandra Bullock, who was just doing her job by leading the cast of this terrible science fiction movie nobody should have seen. Still, people around the globe paid $110 million to see it in theaters.
"Antitrust" (2001): This Silicon Valley techno thriller earned "Cruel Intentions" star Ryan Phillippe his first million-dollar paycheck, which ended up being 1/18 of what the entire movie made in theaters. The critically panned MGM release followed a gifted computer programmer being given a dream job by a Bill Gates-like genius who will do whatever it takes to make sure his computer firm remains the most powerful in the world.
"Live Free or Die Hard" (2007): This worthy addition to the beloved Bruce Willis action franchise revolved around John McClane joining forces with a young hacker (Justin Long) to stop a cyber terrorist (Timothy Olyphant) from crippling Washington D.C. with his keyboard. Fortunately for America, the world's toughest cop was too old at that point to understand technology, so his fists won out in the end.
"The Matrix" (1999): Keanu Reeves' character in this sci-fi classic was a computer hacker before he was "the One," and the Wachowski siblings went ahead and ruined the franchise by completing the trilogy that never lived up to fans' expectations. But hey, remember the first time Neo dodged all those bullets in slow motion? Yeah. That was awesome.
"WarGames" (1983): Matthew Broderick proved in this Cold War thriller that hacking into your school's computer system to change your grades is a gateway activity that could lead to accidentally starting global thermal nuclear warfare. In his defense, this movie makes playing global nuclear warfare from your desktop computer look really fun.
"Swordfish" (2001): Long story short, Hugh Jackman plays a hacker hired by John Travolta to help him steal millions of dollars to pay Berry to show her breasts, or something like that.
"Firewall" (2006): Cyber criminals force Harrison Ford into robbing his own bank when they break into his home and hold his family hostage. It wasn't very good, but at that point in Ford's career, just about anything could have been considered a step up from "Hollywood Homicide."
"Blackhat" (2015): This movie hasn't hit theaters yet, but since the majority of movies about hackers aren't memorable for being good, here's to hoping director Michael Mann's will be. Chris Hemsworth stars as the sexiest hacker alive who is released from prison to help law enforcement catch a cyber criminal threatening to take down international financial markets.
"We Are Legion: The Story of the Hacktivists" (2012): We've all read about Anonymous at some point or another -- the hackers united under a Guy Fawkes mask and a mission for truth -- and this documentary charts the organizations rise and evolution, while even unmasking a few members.
"The Internet's Own Boy" (2014): This documentary about hacker and Reddit co-founder Aaron Swartz just landed on the short list of films competing in the Oscar race for Best Documentary Feature, and for good reason. It explores the computer prodigy's relationship with technology, and how its affecting our civil liberties.
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Sony is reeling from being hacked, but Hollywood has been producing stories around cyber crime for years. Here are 11 of the most memorable.
"Hackers" (1995): It's only on the top of the list because of the name, since this cyberpunk adventure starring Angelina Jolie, Jonny Lee Miller and Matthew Lillard didn't exactly impress critics. It was, however, on the forefront of predicting a cyber crime wave that has finally hit Hollywood.
