A wealthy hedge fund owner was found dead in his posh New York City apartment on Sunday after reportedly having an argument with his son over cutting his allowance.

According to officials, Thomas Gilbert Sr., the founder of Wainscott Capital Partners, was shot in the head by his son, Thomas Gilbert Jr., after the two had an argument Sunday afternoon reports the New York Daily News. His wife then discovered his body and called 911.

Officials say that Gilbert Jr., 30, walked passed the doorman in his father's lush East Side apartment building and entered his 70-year-old father's home. He then shot him in his bedroom and took off.

Police found the suspect barricaded in his own apartment in Chelsea, Manhattan and were finally able to take him into custody at around 10:45 p.m.

Sources say that the son of the millionaire hedge fund founder murdered his father because his monthly allowance was cut by $200.

"He was cutting his allowance," an insider told the New York Post. "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."

Gilbert Sr. was a renowned Wall Street veteran with over 40 years of investing experience who founded a $200 million hedge fund back in 2011, reports the Associated Press. He was also the co-founder of Syzygy Therapeutics, a biotech asset acquisition fund. Meanwhile, his son is a socialite and Princeton University grad.

"He was a pillar on Wall Street -- somebody everyone looked up to," Hector Torres, a neighbor of Gilbert's who also works in finance, told the Post. "Very nice gentleman ... They seem like a normal family. Every time I saw him in the elevator, he would say hi, he would ask how I was."

"It's horrible," added another person from the ritzy neighborhood. "It's a quiet Sunday. All of a sudden police started running in."

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