$72 Million Stock Market Hoax By A 17 Year Old That Swept Financial Media

Financial media is keenly looking for child prodigies that it can feature on its websites. These child prodigies should be in their teens and have already made a fortune trading stocks, options and futures that most of us have difficultly trading. In this search it doesn’t matter if the facts are not verified before the report gets published. Trading stocks, options, futures and currencies requires much more than pure luck. You should have a thorough understanding of the financial markets and you should know fundamental and technical analysis in depth something beyond the capacity of a high school student. This is precisely what happened when this story was featured on a well known financial publication. A high school kid plants a story in the financial media that he made $72 million trading gold and oil futures. He started at the age of 11 when he learned how to trade penny stocks successfully something most people do unsuccessfully. His story gets featured in the main financial news media and no one bothers to double check his fantastical claim of making $72 million. But he is get caught soon when financial reports demand that he show them the proof that he has made $72 million.

Two days earlier, Islam’s name had gone viral. A New York Magazine profile of him in the magazine’s “Reasons to Love New York” issue presented him as a financial whiz kid, with a BMW he was not yet old enough to drive and a multimillion-dollar apartment his parents wouldn’t let him move to; a search of his name linked to the word “trading” still returns over 100,000 Google results, including articles in publications as diverse as the Latin Post and E! Online. The fame turned to notoriety fast.

When his lies crashed down around him, Islam was sitting with a friend in a black car hired to take them to the Englewood Cliffs, New Jersey headquarters of the financial news network CNBC. Islam and his high school buddy, Damir Tulemaganbetov, were going there to tell the story of how Islam made millions of dollars in the stock market – a story that had already been told in the pages of the Stuyvesant High School Spectator, Business Insider and most importantly, New York Magazine.

 

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