Untrue. The priesthood passed on to Joseph Smith was that priesthood had by Christ himself. The LDS hold a priesthood given to Peter, James, and John by Jesus Christ.
Mark 3:14 (KJV) And he [Jesus] ordained twelve, that they should be with him, and that he might send them forth to preach.
In May 1829 Peter, James, and John appeared to Joseph Smith and conferred their authority upon him that they received from Jesus. No historical invention here.
May 1829? How do you know that? I distinctly remember a Sunday School lesson where the teacher said we don’t know when the Melchizedek priesthood was restored. Indeed, Wikipedia says as much:
"Joseph Smith and Oliver Cowdery said they were visited by John the Baptist, who laid his hands on their head and gave them the Aaronic priesthood; Smith described the event in detail and gave an exact date when it happened. In contrast, he never gave a description of any vision in which he saw an angel separately confer the Melchizedek priesthood. However, by the turn of the 20th century, Latter Day Saint theologians believed that such a separate ordination by angels had occurred prior to the organization of the Church of Christ on April 6, 1830.[9] This was largely because the early church organization contained the office of elder, which at least by 1835 was considered an office of the Melchizedek priesthood. As evidence for such a pre-organization angellic conferral, writers referred to a revelation in which Smith said he heard “The voice of Peter, James, and John in the wilderness between Harmony, Susquehanna county, and Colesville, Broome county, on the Susquehanna river, declaring themselves as possessing the keys of the kingdom, and of the dispensation of the fulness of times!”[10] Thus, most Mormons suppose that Smith and Cowdery were visited by the three angels in 1829 and that they conferred the Melchizedek priesthood in the same way John the Baptist had conferred the Aaronic priesthood.
However, the official church history, supervised or written by Smith, states that “the authority of the Melchizedek priesthood was manifested and conferred for the first time upon several of the Elders” during a General Conference in early June 1831.[11] When Smith’s official history was first published in 1902, the compiler B.H. Roberts thought that this was a mistake, because it would not be consistent with the common Mormon belief that the priesthood had been conferred prior to the church’s founding in 1830.[12]
On the other hand, some recent Mormon historians accept Smith’s history as correct and consistent with other historical records showing that other Mormons present at the conference dated the restoration of the Melchizedek priesthood to 1831.[13] This conference had been a very significant event in the early church history, coming soon after the conversion of Sidney Rigdon, who believed that Mormon missionaries lacked the necessary power to adequately preach the gospel.[14] Thus, in January 1831, Smith issued a revelation where he wrote that after Mormons relocated to Kirtland, Ohio, they would “be endowed with power from on high” and “sent forth”.[15] In a revelation given to an individual, Smith assured the man that “at the conference meeting he [would] be ordained unto power from on high”.[16] One of Smith’s associates that was present at the conference expressed the view that this ordination “consisted [of] the endowment–it being a new order–and bestowed authority”,[17] and later that year, an early convert who had left the church claimed that many of the Saints “have been ordained to the High Priesthood, or the order of Melchizedek; and profess to be endowed with the same power as the ancient apostles were”.[18] In 1835, the historical record was muddled a bit when the first edition of the Doctrine and Covenants altered pre-1831 revelations to make a distinction between the Aaronic and Melchizedek priesthoods, and to classify the offices of elder and apostle as part of the Melchizedek priesthood.[19]"
en.wikipedia.org/wiki/Melchizedek_priesthood_(Latter_Day_Saints)#Restoration_of_the_Melchizedek_Priesthood
Yes he does. It’s the main reason I provide the whole of the text to put everything in context. I imagine I could find single verses to “prove” anything I want it to but I know that is not the appropriate way to use the bible…context and audience are critical to understanding what the message is.