30-year-old 'shot banker father dead' over cut allowance

A 30-year-old man reportedly shot his wealthy father dead because he threatened to cut his $400-a-week pocket money and stop paying his rent. 

The New York Daily News reports that Thomas Gilbert Jr allegedly shot his father, who helms a hedge fund worth a quarter of a billion dollars, after showing up at his parents' upscale Manhattan address on Sunday afternoon and telling his mother to buy him a sandwich. 

He is alleged to have shot his father while she was on this errand before placing the gun in his dead father's hand. 

The Princeton graduate allegedly fled the scene on foot and returned to the apartment his parents rented for him in in Chelsea, where police arrested him and brought him to a local police precinct for questioning.

Police said a .40-caliber Glock handgun was recovered from inside the apartment.

Gilbert Sr was the founder and president of Wainscott Capital Partners, which was established in 2011 and focuses on the biotech and healthcare industries.

The elder Gilbert was also graduate of Princeton University as well as Harvard Business School and had more than 40 years of investing experience.