New York magazine admits they fell for a multi-million-dollar hoax by two high school students. "We were duped," the magazine said Tuesday after Stuyvesant High senior Mohammed Islam and his friend Damir Tulemaganbetov said Monday that they made up their story about earning $72 million on investments. "Our fact-checking process was obviously inadequate; we take full responsibility and we should have known better." Islam called the $72 million figure a “rumor” and said he has never invested and made returns outside of simulated trades in his school investment club. The two apologized for allowing the fabrication to spread and have retained a PR firm.