New York man convicted of murdering wealthy father over allowance cut

NEW YORK - A man accused of killing his wealthy father after his allowance was cut has been convicted of murder, according to WRAL.

Thomas Gilbert Jr., 35, faces up to life in prison at his August 9 sentencing. According to WRAL, the jury did not accept his insanity defense.

Gilbert Jr., an unemployed Princeton University graduate, shot his father, hedge fund manager Thomas Gilbert Sr. in the elder man's Manhattan apartment in 2015, WRAL reported.

Gilbert Jr. has schizophrenia and other psychiatric disorders which, according to his lawyer, made him incapable of understanding the ramifications of shooting his father.

Prosecutors argued Gilbert Jr. knew exactly what he was doing and was motivated by his father's decision to cut his weekly allowance from $1,000 to $300.