It was the type of story New York magazine admitted seemed "unbelievable," a 17-year-old city kid who has already made millions -- $72 million, to be more precise -- by playing the stock market. But it was also a story that "seemed legit," writer Jessica Pressler told readers in her profile of Mohammed Islam that ran this past weekend. The story was a quick sensation -- the New York Post immediately turned it into its cover story, and websites around the globe featured the profile of the teen whiz kid destined for Wall Street greatness. The only problem: It was all made up. Islam and his buddies concocted the whole story, and the magazine bought it -- hook, line and sinker. The profile, part of the magazine's "Reasons to Love New York" series featured a scene in which Pressler met Islam and some friends to dine on caviar and freshly squeezed apple juice at a Russian restaurant in Manhattan. The boys boast about meetings that day with a lawyer, a real-estate agent and a hedge fund operator who wants to give them $150 million. Then, the boys tell the reporter that their goal next year was to make a billion dollars. "Though he is shy about the $72 million number, he confirmed his net worth is in the 'high eight figures.' More than enough to rent an apartment in Manhattan--though his parents won't let him live in it until he turns 18--and acquire a BMW, which he can't drive because he doesn't yet have a license," the magazine piece read. But the story began to unravel Monday morning as business reporters and people who work in finance started to poke holes in Islam's claims. The teens quickly started to retreat. By day's end, they were sitting down with a reporter for the New York Observer to acknowledge that the whole tale was made up. Worse yet -- they were now in trouble with their parents for lying. Here's a snippet from the interview, posted late Monday night:Observer: Is there ANY figure? Have you invested and made returns at all?Islam: No.Observer: So it's total fiction?Islam: Yes. Pressler, the New York writer, spent much of Monday defending her story on social media, but on Tuesday, the magazine issued an apology to readers. It said its fact-checker had seen a document "that appeared to be a Chase bank statement attesting to an eight-figure bank account." As for the teens, it was a fast rise to celebrity and an even quicker fall from grace. They now say they have a lot of aplogizing to do and amends to make. "The people I'm most sorry for is my parents," Islam told the Observer. "I did something where I can no longer gain their trust."