[Goldin Boy]

(12-15-2014 07:45 AM)bojangles Wrote:  

The only part of that story that does seem reliable is his parents not letting him leave home.

It's a Bengal thing. The children don't usually leave home until they get married.

[Old Fritz]

Hopefully he manages the money carefully.

[VolandoVengoVolandoVoy]

This is just Daily Fail clickbait, and very likely a complete fabrication. I guarantee the "kid," however old he is, hasn't even made a million, if he even trades at all.
Their mission is to get page views, and if they happen to publish something that has any relation to truth/reality, that is a mere coincidence. The slightest veneer of plausibility is enough for them to print something with a huge, button pushing headline that portrays outlandish possibilities as fact.
See http://en.wikipedia.org/wiki/Yellow_journalism

[Easy_C]

He can get away with drinking because there's a huge difference between drunk and rich drunk.

[Quintus Curtius]

This story is nonsense.

When someone tells me that some high school teenager made 72 mill. while playing casino games on his laptop, it tends to run counter to my experience.

No. Fucking. Way.

[AntiTrace]

[Lemmo]

Already debunked http://www.cnbc.com/id/102269980

Of course, this was obvious to anyone with at least grade school math skills.

[The Beast1]

Zerohedge called BS. The breakdown was hilarious.

[runsonmagic]

I'm skeptical, but...

[Simeon_Strangelight]

The newspaper:

Quote:

However, Mohammed provided bank statements that showed he is worth eight figures; he confirmed on the record that he's worth eight figures," it said.

Sticking to the truth as always... Frankly it seems to me that you would have to look at news stories with the same doubt as with rape allegations. First assume it is all a lie, a scam or a half-truth. Then after some digging you find out that the media just copied some bogus amount - maybe even some youths bragged about having 8 digits on his account - which is possible, but he did not say that he made it trading.

On youtube other little punks in suits posted videos with similar "success stories" to advertise for a so-called Leaders Investment Club, where teens can join to later open "their own Hedge Fund".

They are obviously reading the statements:

Here the famed Mohammed Islam.

That one seems to be the main head & co-founder:

He started trading supposedly at 7 - all others started their "businesses at 9" - it's a fucking market gag.

The other boys all talk about having started their businesses at ages of 8-10 and now being on the verge of opening Hedge Funds:

Their company is just a network offering investment & trading advice for youth. While indeed that may be a worthwhile goal, their marketing scheme of putting out all those viral fake success stories is bogus.

http://leadersinvestmentclub.com/

Also their statement:

Quote:

It has been brought to the attention of the Leaders Investment Club that Mohammed Islam has been rumored to have made $72,000,000 through making trades in the stock market. After performing due diligence and talking with Mohammed Islam himself, we have determined that these claims are false and simply been blown up by the media in the interests of sensationalism. We hold all our members to exacting moral and investing standards, and ask Mohammed Islam to clear up all misinformation surrounding his claims, misconstrued or otherwise. The goal of Leaders Investment Club is to promote the financial education of Millennials, and we disavow affiliation with members who fail to promote accurate and transparent information.

Sincerely,

The Leaders Investment Club Community

And for the record: there have been traders who started out at ages of 18-21 even in the old times as floor traders - sometimes trading via their relative's accounts. That has been well researched by Jack Schwager in the book Market Wizards. Many of those guys are hardly known aside from the community. Some of them have made 7 digits in their early 20s, but going into 70+ mio. $ in such a short time is indeed very unlikely. Even more unlikely when you see their party lifestyle. That Mohammed Islam especially seems as if he has read his entire little speech for youtube - and not even very convincingly. But he may be flush with his parents' cash, so who knows - he has enough money to burn.

The little buggers also stayed away from a public TV interview - the were already invited. That was stupid too, since they could have used the publicity to generate interest for their business model, but it's possible that the parents intervened - they are all minors, so there is a limit to the viral campaign that is going to be allowed.

----
http://nymag.com/news/articles/reasonsto...k-trading/
It is really strange how little research and due diligence papers like the NY Magazine do. It may be their online site only, but they truly can't blast all the shit out. Sure - the financial literacy may be small and some of those kids may have a few million in his bank account, but that does not prove jack shit.
They would have to take a short look at his trading records whether he made some money there at all.

http://www.zerohedge.com/news/2014-12-15...ks-alleged

Yeah Frenchie - Zerohedge's report is good. He only needed to check out their crappy website and youtube videos to find out that everyone of those buggers had the same bloody story starting with business experiences in the ages from 7 to 10.

[AntiTrace]

(12-15-2014 06:01 PM)frenchie Wrote:  

Zerohedge called BS. The breakdown was hilarious.

can you link the zerohedge breakdown?

[VolandoVengoVolandoVoy]

Given a laptop and a printer, how hard could it possibly have been for that fat turd to make a bank statement showing any balance he wished? I'm being very generous and assuming the "journalist" was actually shown a bank statement, and isn't completely lying.

[VolandoVengoVolandoVoy]

(12-15-2014 06:38 PM)AntiTrace Wrote:  

(12-15-2014 06:01 PM)frenchie Wrote:  

Zerohedge called BS. The breakdown was hilarious.

can you link the zerohedge breakdown?

http://www.zerohedge.com/news/2014-12-15...ks-alleged

[Simeon_Strangelight]

(12-15-2014 06:46 PM)VolandoVengoVolandoVoy Wrote:  

Given a laptop and a printer, how hard could it possibly have been for that fat turd to make a bank statement showing any balance he wished? I'm being very generous and assuming the "journalist" was actually shown a bank statement, and isn't completely lying.

The strange thing is that the journalist sat down with the punks and they spent some cash on caviar and drinks and looked at some of them sitting in expensive suits. That's all it took to convince him? Even if the bank balance was real it does not mean that it was done trading.

But they did not research a bit and found that little investment club of theirs with every bloody one of them repeating a similar "success" story?

The media is not to believed anything - they don't get shit. When Jack Schwager researched some traders he found some of them having made decent cash very young, but he want through their trading statements and accounts - super easy to prove. But Schwager was a trader himself, so no surprise.

[speakeasy]

Dammit, we got Indian trolled again!

[samsamsam]

Not to be a total prick, but if that kid is 17, he better start working on his weight or it might get out of control. Too much caviar I guess Maybe it was all some game to try to better his college admission prospects, though I am not sure being called out helps him.

[runsonmagic]

CONFIRMED FAKE:

http://observer.com/2014/12/exclusive-ne...it-all-up/

Quote:

And now it turns out, the real number is … zero.

[runsonmagic]

From the above article:

Quote:

It’s been a tough month for factchecking.

[Onto]

Wasn't 73 Million? Oh, was it 50 million? Ummm....25 million?

This whiz kid should just give the reporter a copy of his trading history. Can download it pretty easily in pdf form from E-trade or whatever house he's trading with.

Somehow I don't think that's going to happen. This kid probably lost his shirt, the one where he could button his neck.

[Cattle Rustler]

From the article:

"the real number is … zero."

[speakeasy]

Who wants to bet that the underlying motive of this scheme was to get...

[LouEvilSlugger]

A 17 year old using traditional financial analysis will never beat the aglos of Wall Street computer scientists and mathematicians.

[Samseau]

He has good parents. They forced him to do the right thing.

[Grange]

Business Insider is a terrible publication. It seems like it's what people who have no idea about business think a "business insider" would write about if he was their buddy.

[Simeon_Strangelight]

(12-15-2014 11:01 PM)Grange Wrote:  

Business Insider is a terrible publication. It seems like it's what people who have no idea about business think a "business insider" would write about if he was their buddy.

Guess who was the reporter: Jessica Pressler - a young impressionable girl for whom emotions and 400$ spent on caviar was way more important than facts.