The son of a millionaire hedge fund founder in Manhattan was found shot to death, and police believe his son pulled the trigger over a monthly allowance cut.

Thomas Gilbert Sr., 70, was found with a bullet wound in his head at Beekman Place residence, which is located on the East Side of Manhattan, on Sunday. Officers came to the residence after getting reports of shots being fired and found Gilbert and a handgun near his body, according to a Fox News report.

Apparently he had told his son, Thomas Gilbert Jr., that he would get only $400 per month plus the $2,400 per month for rent he was receiving, a cut from the $600 he had been giving his son, according to the report.

Police arrested the son on charges of murder and criminal possession of a weapon, and he has an arraignment pending.

When Gilbert Jr. came to his parents’ home on Sunday, he asked his mother to get some food, police said. The mother reported that she got a bad feeling about 15 minutes later and turned around the come back, which is when she found the father dead on the floor with the bullet wound, as well as the gun resting on his chest with his left hand on top of it.

Police believe there was no suicide and the son simply tried to position the body that way to cover up the killing. Using a search warrant, police found magazines, bullets, and shells matching the gun at the son’s apartment.

Gilbert Sr. founded Wainscott Capital Partners Fund in 2011, which boasts $200 million in assets and had a net return of nearly 25 percent in 2012, according to reports. He graduated from Harvard Business School as well as Princeton University, the latter of which is son also attended, graduating in 2009 with an economics degree, but having no recent work history.

The hedge fund did not provide comment on Monday. It invests typically in biotechnology and health care stocks. Investors must devote a minimum of $500,000 to do business with them.