(CNN) Thomas Gilbert Jr., who was accused of killing his father after the older man cut back his weekly allowance, was found guilty Friday of murder in the second degree.

Thomas Gilbert Sr., was found dead in his apartment in January 2015 with a gunshot wound to the head. He was a founding managing partner of the hedge fund Wainscott Capital.

The attorney of Gilbert Jr. did not dispute that he killed his father but said he was not guilty by reason of insanity. The insanity defense was dismissed by the jurors. Gilbert Jr. was also found guilty on two counts of criminal possession of a weapon in the second degree. He was found not guilty of criminal possession of forgery devices.

Gilbert Jr., 34, played football at Princeton University and graduated with a degree in economics. He was 30 at the time of the shooting, and unemployed, receiving up to $1,000 a week from his parents.

Gilbert Sr. cut his son’s weekly allowance to $300 a week. Hours later he was killed by his son, prosecutors said.

“We will appeal, but cannot appeal until after he is sentenced,” defense attorney Arnold Levine said. Manhattan District Attorney Cyrus R. Vance Jr. said in a statement that the elder Gilbert was killed “in spite of all his love and generosity.”

Sentencing is set for August. The murder charge carries a sentence of 25 years to life in prison.