A Long Island man has been charged with strangling his 88-year-old mother to death over a dispute over money, police said Friday.

According to authorities, James Olsen, 56, was arrested Thursday after he called cops, asking for "police assistance" at the family's Garden City home.

When responding officers arrived, they found Olsen bleeding from his wrists along with the lifeless body of his mother who detectives believe was dead for several hours. Police say Olsen slit his own wrists in an attempted suicide.

Investigators said the Long Island man strangled his mother Ruth Olsen with a piece of clothing inside their College Place residence. The heartless attack was prompted by Olsen's growing anxiety over spending his mother's money, police said.

"We believe at this time that the cause or the ultimate cause of Mrs. Olsen's death was due to financial considerations that were going on in the home," Nassau Det. Lt. John Azzata told Newsday. "The financial considerations have to do with Mr. Olsen utilizing Mom's money in his own way."

Olsen, who is being charged with second-degree murder, will be arraigned after he gets released from Nassau University Medical Center where he is being treated for his injuries, police said.