Less than 48-hours after New York Magazine hyped its stunning discovery of Mo Islam, a 17-year old Stuyvesant High School trader, who supposedly raked in $72 million, Islam admitted he made the whole thing up, coming clean in a sitdown with The New York Observer. This after CNBC was able to poke holes in his story during a customary pre-interview ahead of the live broadcast. Islam canceled the appearance.
For anyone who knows even a tiny bit about finance, his admission was not a surprise. From the get-go, that $72 million figure was met with huge skepticism by Wall Street pros, including Yahoo Finance, as well as those who know him personally.
Yahoo Finance spoke with another teen investor, who makes no claim to an outrageous fortune, about Islam's story.
“I was actually friends with Mohammed and I was really surprised when I saw that article,” said John Ducas, a 16-year old trader, who describes himself on Twitter @realJohnDucas as a Financier & Tech Entrepreneur. While surprised by the claim, Ducas was not surprised by the media frenzy. “Who doesn’t want to hear about a kid who made $72 million?”
That’s right. Mo Islam certainly had his 15 minutes of fame. But now that this 17-year old "Gordon Gekko wanna-be" has been exposed as a fraud, how will the world view those Generation Z [born after the Millennial Generation] investors coming of age? And will those young investors themselves steer clear of the stock market as we have seen with so many Millennials?
Yahoo Finance put those questions to Ducas. “People of my age are really innovative, ambitious and are looking to actually have a better future," he says. "And I think investing is the place to be for that generation.”
Ducas also belongs to the Leaders Investment Club, which describes its members "as like-minded world-changers and aspiring entrepreneurial financial innovators."