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A New York schoolboy who reportedly made $72 million (£46 million) by trading stocks during his lunch breaks has admitted making the whole story up.

Mohammed Islam, from Queens, originally told the New York Magazine he started dabbling in penny stocks aged just nine and developed a “life-long passion” for trading that was paying off.

The 17-year-old claimed he had made money in the “high eight figures” between classes at Stuyvesant High School trading oil and gold futures and equities… (MSN News)