Speed Reads

Crime and punishment

NYPD arrests adult son for murder of hedge fund founder, allegedly over $200 allowance cut

Thomas Gilbert Jr., 30, was arrested on Monday for allegedly killing his father, hedge fund founder Thomas Gilbert Sr., on Sunday at the parents' apartment in Manhattan's upscale Sutton Place neighborhood, near the United Nations. Gilbert Jr. asked his mother to go out to get him a sandwich so he could talk privately with his father, then shot him once in the head, placing the gun in the father's hand to make it appear a suicide, New York Police chief detective Robert Boyce said at a press conference. The mother discovered the body and called the police.

The NYPD tracked Gilbert Jr. to his Chelsea apartment through his cellphone, and found two handgun magazines and retail packaging that matched the murder weapon, Boyce said. The police aren't publicly speculating on the motive, but a police source tells the New York Post that Gilbert Jr. was angry that his father had cut his allowance by $200 a month. "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," the source said.

Thomas Gilbert Sr., 70, started Wainscott Capital Partners Fund in 2011 after 40 years on Wall Street. Watch Boyce's description of the alleged crime below. --Peter Weber