NEW YORK (CBSNewYork/AP) — There was a police walk and an arraignment in store for the son of a prominent Manhattan hedge fund manager on Monday night.

James Gilbert Jr., 30, has been arrested in connection with the shooting death of his father.

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Police said 70-year-old Thomas Gilbert, Sr. was shot Sunday in his apartment on Beekman Place. As CBS2’s Matt Kozar reported, Gilbert’s son is accused of killing him in a fight over money.

Gilbert’s wife found him around 3:30 p.m. in a bedroom of their eighth-floor apartment. He had a single gunshot wound to the head, police said. Detectives also recovered a .40-caliber handgun nearby.

“She found Senior on the floor with a bullet hole in his head,” Chief of Detectives Robert Boyce said. “She also found a gun resting on his chest with his left hand covering it.”

Gilbert Jr. was expressionless and quiet as he marched out of the precinct and into the cold, flanked by detectives on either side.

Raised in privilege, the Princeton grad is accused of killing his father and staging a crime scene to look like a suicide.

Before a fight over finances with his father, police say Gilbert asked his mother to leave the family’s apartment.

A neighbor, who did not wish to be identified, told CBS2 that the gunshot sounded like someone dropped a glass bowl. He did not call 911.

Police spent hours Sunday searching for Gilbert’s son, Thomas Gilbert, Jr.

Sources said the building’s doorman told investigators that the younger Gilbert had been the last person to see his father alive, CBS2’s Janelle Burrell reported.

Sources said Gilbert, Jr., who has a history of psychiatric troubles, relied on his dad financially, Burrell reported. Sources told WCBS 880’s Alex Silverman the father and son had some sort of argument before neighbors heard the gunshot.

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He surrendered to police at his Chelsea apartment late Sunday night, CBS2’s Hazel Sanchez reported.

“We obtained some evidence: two magazine clips, which are .40 caliber, which is the gun used at Beekman Place homicide,” Boyce said.

He was charged around 11 a.m. Monday with homicide and criminal possession of a weapon, police said.

The shooting was a rare act of violence on Beekman Place, a tony enclave just north of the United Nations.

“It’s upsetting just because this neighborhood is so safe,” said area resident Karen Bergreen.

“It was shocking to realize someone could have done that in our building,” said neighbor Alex Vera.

The elder Gilbert founded Wainscott Capital Partners Fund in 2011. The fund, which focuses on biotech and health care industries, has $200 million in assets.

Gilbert previously co-founded Syzygy Therapeutics, a biotech asset acquisition fund. He also was founder and CEO of an online teacher-education company called Knowledge Delivery Systems Inc.

He was a graduate of Princeton University and Harvard Business School.

Gilbert, Jr. is expected to be arraigned at Manhattan Criminal Court sometime Monday night.

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