The son of a wealthy hedge fund founder has been charged with second-degree murder after allegedly killing his 70-year-old father for cutting his allowance.  

Thomas Gilbert Jr. allegedly shot his father, Thomas Gilbert Sr., in the head at the elder's residence in Manhattan on Sunday afternoon after the pair argued over the son's allowance, Fox News reported.

New York Police Department officials said that the 30-year-old man went to his parents' home and asked his mother to go out and get him some food. Roughly 15 minutes later, the mother got a "bad feeling" and came back to find her husband on the floor with a bullet wound in the head and a handgun near his body, Robert Boyce, Chief of Detectives for the NYPD, told the Associated Press. 

The man's father had just told him that he would only receive $400 for spending money per month from that point on in addition to $2,400 per month for rent, Fox News reported. 

Police said the son was trying to cover up the killing with a "staged suicide." Magazines, loose bullets and a shell that matched the gun found at the scene of the crime were all found in Gilbert Jr.'s apartment by police who executed a search warrant. 

Police are also investigating how Gilbert Jr., a 2009 graduate of Princeton University, got the gun involved in the case.

Jenna Lee discussed the case on "Happening Now" (video above) with former prosecutor Doug Burns and Fox News legal analyst Lis Wiehl. 

Burns said he foresees a guilty plea in this case based on seemingly overwhelming evidence. If Gilbert does mount a defense, Burns said his lawyers may argue that some sort of mental illness was a factor. 

Wiehl said the "affluenza" defense could come into play again. In 2013, a Texas judge sentenced a 16-year-old to just 10 years of probation after he confessed to intoxication manslaughter in a crash that killed four pedestrians. 

The defense successfully argued that the teen's wealthy upbringing prevented him from knowing right from wrong. 

Wiehl said that defense would be very difficult in the Gilbert case, since the son appears to have tried to stage the killing as a suicide.