Qawmane Wilson, 24, has been charged with murder and home invasion in the 2012 death of his mother, Yolanda Holmes, 45, the Chicago Sun-Times reported.
Holmes, owner of Knappy Headz salon in Chicago, was found dead in her apartment in West Montrose in September of last year.
Investigators said Wilson allegedly hired Eugene Spencer, 22, and Loriana Johnson, 23, to carry out the slaying.
Spencer, the alleged shooter, has been charged with first-degree murder, home invasion and aggravated discharge of a firearm in the case, while Johnson, the alleged driver, is charged with murder and home invasion charges.
Cook County Judge Adam Bourgeois Jr. ordered all three held without bail Tuesday, calling the slaying a "heinous act."
Prosecutors say Wilson wanted to have his mother killed to gain access to her bank accounts and to cash in her two life insurance policies, the Chicago Tribune reported.
However, family friends say Holmes gave Wilson everything he asked for, including a Camaro.
"Her son she took care of ... he could've gotten anything from her," said Ayonna Anderson, who worked as a stylist at Holmes' salon. "It's so heartbreaking."
"I'm floored because, out of everyone, I thought he is the last one who would do it to his own mother," Anderson said. "I don't know if it got to the point he loved money more than his mother."
Jessica Simpson shares three-way kiss with friends in photo
Interpol investigating stolen passports on missing flight