Lori Grisham

USA TODAY Network

New York magazine apologized Tuesday for publishing an article Sunday about 17-year-old Mohammed Islam, a senior at Stuyvesant High School in New York City, who claimed he had made millions trading stocks. The story turned out to be a fabrication.

"We were duped. Our fact-checking process was obviously inadequate; we take full responsibility and we should have known better. New York apologizes to our readers," the apology posted on the website said.

In the original story, Islam would not confirm a rumored figure of $72 million, but did say his net worth was in the "high eight figures."

Islam provided the magazine with bank statements "attesting to an eight-figure bank account," according to an editor's note appended to the story.

However, Islam and his friend Damir Tulemaganbetov, who was also interviewed in the article, admitted in an interview with the New York Observer that they had made up the story. Islam is a stock enthusiast, but participates only in simulated trades as part of an investment club he runs at his school, according to the interview. He has made no real money from the stock market, the article said.

Islam has hired a lawyer and a public relations firm.

"He is sorry for lying, and most of all is sorry for the embarrassment he has caused his family," Ronn Torossian, a spokesman from 5W Public Relations said in a statement to USA TODAY Network.

"These teenage boys simply did not expect this story would go so far," he said.

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