Stories surfaced on Tuesday that Mohammed Islam, the Stuyvesant high school student who allegedly made $72 million as a stockbroker, made it all up.

In an exclusive report, Observer revealed that the supposedly inspirational tale of the 17-year-old was a lie. Previously, New York magazine published a story on Monday, alleging that Islam made millions by investing in the stock market.

The teenager revealed the details together with his friend Damir Tulemaganbetov. Islam said that his father worked at New York magazine and had reporter Jessica Pressler contact him. He said that the "eight figures" he allegedly made was "not true".

The supposed teenager who made millions from stocks confirmed that he never invested in the stock market at all. He runs an investment club at Stuyvesant but all the trades are simulated. He said that the rumor developed into a social media craze until the media also decided to absorb it.

Islam's parents were also very disappointed when they suddenly read that he was allegedly a teenage millionaire. He said, "Honestly, my dad wanted to disown me. My mom basically said she'd never talk to me. Their morals are that if I lie about it and don't own up to it then they can no longer trust me. ... They knew it was false and they basically wanted to kill me and I haven't spoken to them since."

He proceeded to apologize for the false story, "I am incredibly sorry for any misjudgment and any hurt I caused. The people I'm most sorry for is my parents. I did something where I can no longer gain their trust. I have one sister, two years younger, and we don't really talk."

Time also wrote that people should not have believed Islam immediately because the figures were preposterously unlikely. Considering that he previously said that he started investing from the age of nine years old, he would need an annual return average of 108 percent, which is five times the average return of billionaire Warren Buffett at 20 percent.

Also, to reach $72 million, Islam would have needed to consistently get the same return percentage every year for 10 years.