The 30-year-old son of a hedge fund founder has been charged with second-degree murder in the killing of his 70-year-old father.
Thomas Gilbert Jr was also charged with criminal possession of a weapon and criminal possession of forgery devices.
Thomas Gilbert Sr was shot in the head in his New York apartment after the two argued over the son’s allowance, police said.
The son went to his parents’ home on Manhattan’s East Side on Sunday and asked his mother to go out to get him some food, according to police. About 15 minutes later, she got a “bad feeling” and went back, said Robert Boyce, New York Police Department’s chief of detectives.
“She found (Gilbert) Senior on the floor with a bullet hole in the head,” Mr Boyce said. “She also found a gun resting on his chest with his left hand covering it.”
But Mr Boyce said it was a staged suicide and his son was trying to cover up the killing.
Gilbert Jr was in debt and had argued with his father over his allowance, police said.
A lawyer for the younger Gilbert did not immediately return a call for comment. His next court appearance was set for Friday.
Authorities allegedly found ammunition for the gun at the defendant’s apartment, a bank card skimmer device and 21 blank credit cards.
In 2011, Mr Gilbert Sr, a graduate of Princeton University and Harvard Business School, founded Wainscott Capital Partners Fund, which has $200m (£131m) in assets.
He worked on Wall Street for more than 40 years and he previously co-founded biotech fund Syzygy Therapeutics. He was also founder and CEO of an online teacher education company.