Thomas Gilbert Sr., a hedge fund founder, was found dead in his NYC apartment over the weekend, and his son, Thomas Gilbert Jr., was arrested and charged with his murder on Monday.

Gilbert Sr., who was 70, founded the Wainscott Capital Partners Fund in 2011. The fund now has a reported $7.3 million in assets and returns of 10.6 percent.

Thomas Gilbert Jr. And Father Argued Over Allowance

Gilbert Sr.’s wife, Shelley Gilbert, found her husband dead from a gunshot would to the head in their New York apartment on Sunday, a .40 caliber Glock on his chest. According to Chief of Detectives Robert Boyce, Shelley left her son and Gilbert Sr. alone in their apartment after Gilbert asked to speak to him alone. Boyce revealed that father and son were arguing about Gilbert’s monthly allowance, which Gilbert Sr. threatened to decrease. Reports claim that Gilbert Sr. threatened to cut his $400 a week allowance to $300 and stop paying his $3,100 per month rent, but Boyce would only confirm that the two men argued over money. “He [Gilbert] was on a stipend from the family. Looks like he was in debt,” Boyce said.

When she returned less than 15 minutes later, her husband was dead and her son was gone. Police then went to Gilbert’s apartment, storming in around 10:30 p.m. In his apartment they found four loose rounds of .40 caliber ammunition, and other Glock paraphernalia, including a shell-casing envelope with the same serial number as the gun found at the scene.

Thomas Gilbert Jr. Charged With Second-Degree Murder

Boyce said that homicide detectives hypothesized that Gilbert had shot his father and then put the gun on his father’s chest, placing Gilbert Sr.’s left hand on top of the weapon in an effort to stage the scene.

“This is a strong case…The defendant brazenly shot his father in the head,” said Assistant District Attorney Craig Ascher at Gilbert’s arraignment.

Gilbert, 30, was charged with second-degree murder, for which he could serve up to 25 years in jail, criminal possession of a weapon and criminal possession of forgery devices.