Son convicted of murdering hedge-fund manager father for stopping his allowance

Princeton graduate may face life in jail in case that rocked New York high society

Hedge fund founder Thomas Gilbert Sr was killed by his own son (AP)

A man accused of killing his wealthy father for stopping his allowance has been convicted of murder and could face life in jail.

A New York jury rejected a claim of insanity by Thomas Gilbert Jr, who had a privileged upbringing that saw him attend private schools and Princeton University.

He shot Thomas Gilbert Sr, a hedge fund founder and manager, in the father’s Manhattan apartment in 2015.

The 35-year-old has schizophrenia and other psychiatric problems, and Arnold Levine, his lawyer, argued he was too mentally ill to understand the consequences of shooting his father.

But prosecutors said he knew what he was doing and was motivated by anger over the reduction in his allowance.

The murder of Mr Gilbert Sr, 70, a well-known figure in Manhattan and the Hamptons, rocked New York high society.

Prosecutors said that Gilbert Jr staged his father’s death as a suicide hours after he threatened to halt his weekly allowance of up to $1,000 (£788) and rent on his studio apartment.

Gilbert Jr showed no emotion as the verdict was delivered.

He will face up to life in prison when he is sentenced on 9 August.

Additional reporting by agencies