Son charged with hedge fund founder's death had financial troubles

When Thomas Gilbert Jr. appeared in court Monday, charged with his father's murder in the second degree and criminal possession of a weapon, the 30-year-old showed little emotion during his first court appearance.

Investigators have yet to determine a motive, but it was known that Gilbert Jr., a frequent participant in the New York social scene, was unemployed and in debt, reports "48 Hours" correspondent Erin Moriarty. He came from a life of privilege. His father, Thomas Gilbert Sr., was a successful hedge fund manager with company assets in excess of $200 million.

Police believe Gilbert Jr. killed his father during a dispute about his allowance.

"Thomas Gilbert Jr. just appeared to be the son of money and a privileged lifestyle, but he was not working, he seemed to have some difficulties in recent years," said "48 Hours" crime consultant Murray Weiss. "He clearly plotted this murder to mask his real motive ... He was out to get more money from his father."

Not only did the Gilbert Jr. have financial troubles, he had legal troubles as well after being arrested for violating a restraining order in September.

Gilbert Jr. lived just a few miles away from his 70-year-old father who was found shot in his apartment Sunday.

"It's upsetting just because this neighborhood is so safe," resident Karen Bergreen said.

Police said Gilbert Jr. arrived at the family's apartment on the east side of Manhattan Sunday afternoon. He asked his mother to pick up some food, but when she returned 15 minutes later, she found her husband's body with a bullet wound to the head.

"The gun, laying where it was, didn't seem as a self-inflicted wound that we've had in the past," NYPD Police Chief of Detectives Robert Boyce said. "We immediately spoke to Mrs. Gilbert, and she told us where her son lived."

After a citywide manhunt, police finally located Gilbert Jr. after knocking down the door at his west side apartment. Magazine clips and loose bullets matched the gun at the scene.

Gilbert Jr.'s next day in court is scheduled for Friday for his arraignment.