Thomas S. Gilbert Jr., a well-educated, 30-year-old socialite, has been arrested and charged with the fatal shooting of his hedge fund father, Thomas S. Gilbert Sr., a New York Police Dept. representative said.
Thomas Gilbert Jr. has been charged with murder in the second degree and criminal possession of a weapon.
He had been in police custody since early Monday morning.
On Sunday, the elder Gilbert was found dead with a gun wound to the head at his apartment at 20 Beekman Place in Manhattan's Upper East Side about 3:30 p.m., according to police. A handgun was recovered at the apartment.
Police told Business Insider there was allegedly an "argument over money." ABC News is reporting that investigators said that the father had discussed no longer paying his son's rent and reducing his weekly allowance.
The New York Post reports it was over a $200 cut in his monthly allowance.
The young Gilbert allegedly went to his parents' apartment on Sunday afternoon. According to police, Gilbert asked his mother, Shelley, to go out and get him a sandwich. When she returned, she found her husband dead and called 911.
NBC New YorkThomas Gilbert Sr.
The younger Gilbert was the only other person in the apartment at the time, an NYPD representative told Business Insider. He allegedly fled the scene on foot, and detectives were looking to speak with him. He was taken into custody on Monday after being confronted at his Chelsea apartment.
The elder Gilbert was the founder of long-short equity hedge fund Wainscott Capital Partners. Gilbert, who had more than 40 years of experience on Wall Street, opened the fund in 2011.
Thomas Gilbert Jr. went to elite private schools — The Buckley School and Deerfield Academy. He later attended Princeton University.
He seems to have recently launched his own hedge fund, Mameluke Capital Fund LP, according to an SEC form D filed in 2014.
Last June, he pleaded guilty in Pennsylvania for exceeding the speed limit by 52 mph, public records show.
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