Police say 83-year-old Mauricio Gesmundo was found bound and gagged on the living room floor when his daughter and son-in-law came home on the 3900 block of North Fairhill Street in the city's Hunting Park section. It happened sometime between 9 p.m. on New Year's Eve and 3 a.m. on New Year's Day.
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Police say Gesmundo was also robbed of thousands of dollars during the attack that ultimately claimed his life.
The victim's son, George Gesmundo, said the money was going to be used to open up a loan for a family business.
On Wednesday, police said DNA evidence led to the arrest of Jacob McMann who was taken into custody on murder charges in Florida. McMann is currently awaiting extradition to Philadelphia.
A second suspect is still being sought in the case. A $20,000 reward is being offered for information that leads to a conviction.
Anyone with any information is asked to call police at 215-686-TIPS.