Millionaire’s Son Allegedly Kills Dad Over $200 Stipend Cut

On Sunday, millionaire hedge fund founder Thomas Gilbert Sr. was shot in the head at his Beekman Place residence located on Manhattan's East Side. Officers who arrived at the scene found Gilbert's body in his bedroom along with a handgun lying next to him.

Fox News reports that Thomas Gilbert's son, Thomas Gilbert Jr., had entered the building shortly after his dad but left only minutes later. After he arrived at the apartment, the son Gilbert requested his mother get him a sandwich. When Mrs Gilbert came back to the apartment she found Mr Gilbert's body lying on the floor. She immediately called 911 and reportedly said: "My husband's been shot by my son!" The son 30-year-old Gilbert Jr. left the scene on foot after the killing. Police tracked his cell phone, which eventually led the officers to Gilbert Jr.'s apartment around 11 p.m. on Sunday, when he was finally arrested. Authorities are now investigating whether the handgun that was retrieved at the scene and used in the murder was purchased illegally.

According to Fox News, Gilbert Jr allegedly killed his own father simply because he cut his allowance to $400 from $600 a month. "He was cutting his allowance," the source said. "He had been giving him $2,400 a month for rent and $600 for spending money, and he was cutting that to $400 a month for spending money."

Gilbert Sr., who worked on Wall Street for more than four decades according to his profile on his company's website page, founded Wainscott Capital Partners Fund, which has $200 million in assets and had a nearly 25 percent net return in 2012. He was also founder and CEO of Knowledge Delivery Systems Inc., an online operating teacher-education company. A neighbor of Gilbert Sr. said, "He was a pillar on Wall Street- somebody everyone looked up to."