New York Magazine has apologised for a false story it published about a Bangladeshi-born high school student who was rumoured to have amassed $72 million trading stocks.
Published : 17 Dec 2014, 02:36 AM
Issuing the apology on Tuesday, the magazine said the bank statement Mohammed Islam provided it was falsified, said New York Daily News citing a Washington Post article.
Taking full responsibility, the magazine also said it 'was duped' as its fact-checking process was inadequate.
The story published in the magazine on Sunday stated that there was a rumour the 17-year-old 'genius' Stuyvesant High School student had made $72 million in stocks.
The Daily News report said Islam publicly denied the report Monday, but also admitted that he made nothing in return on the stock market. He also said he had only performed simulated trades in his school's investment club.
The Bangladeshi teenager also admitted that he had made up the story. He said he led the magazine's reporter to believe he had made more than that in simulated trades.