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

Gilbert's attorneys did not dispute that he killed his father but said he was not guilty by reason of insanity. Jurors dismissed the insanity defense; they also found him 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.

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

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

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