Jordan Kessler, (R ) son of trader Glenn Kessler, (L) uses his father's mobile phone and badge on the floor of the New York Stock Exchange November 28, 2014. Traders traditionally bring their children to work for the half day of trading on the Friday afte
Jordan Kessler, (R ) son of trader Glenn Kessler, (L) uses his father's mobile phone and badge on the floor of the New York Stock Exchange November 28, 2014. Traders traditionally bring their children to work for the half day of trading on the Friday after the Thanksgiving holiday. REUTERS/Brendan McDermid (UNITED STATES - Tags: BUSINESS SOCIETY)

It's the end of the year, a busy season for doomsayers and hoaxers. This explains why everyone is talking either about World War 3 to be initiated by Russia or writing hoax articles.

There was the dubious fraternity gang-style rape at the University of Virginia, Malia Obama's alleged pregnancy, Floyd Mayweather Jr's alleged death due to drug overdose and now the Wall Street hoax.

New York magazine published on Sunday a story by its staff writer, Jessica Pressler, about Mohammad Islam, an 18-year-old who just made $72 million trading penny stock. And the supposed finance whiz kid was earning money on the side by trading shares during lunch breaks at school.

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Pressler's basis in writing the astounding article was Islam's Web site, Ettaz Financial, where he claims to have started becoming interested in stock trading at age 8, which explains why Islam's net worth has risen to high eight figures," reports Washington Post.

Jordan Kessler, (R ) son of trader Glenn Kessler, (L) uses his father's mobile phone and badge on the floor of the New York Stock Exchange November 28, 2014. Traders traditionally bring their children to work for the half day of trading on the Friday after the Thanksgiving holiday. REUTERS/Brendan McDermid (UNITED STATES - Tags: BUSINESS SOCIETY)

Because of the incredible - or incredulous numbers - CNBC invited Islam, but the New York senior high school student backed out, saying the $72 million amount is incorrect.

However, the magazine insisted its story is right and pointed to bank statements provided by the young "millionaire" as further proofs.

But in an interview with New York Observer editor Ken Kurson, Islam admitted everything was made up, although he runs an investment club at Stuyvesant High and really made $72 million in simulated trading.

Not only did Islam's admission made the magazine look stupid but the lie backfired on the youth whose father wanted to disown him, while his mum refused to talk to Islam that the boy had to temporarily stay in a friend's house to cool things down with his family.

Next hoax, please!