Cory Gunz was arrested on Satudray afternoon (Jan. 28) on charges of criminal possession of a loaded firearm. Police say they found an unregistered Taurus .9mm handgun in his backpack, according to NY Daily News.
Gunz, born Peter Pankey Jr, was arraigned in Bronx Criminal Court on Sunday (Jan. 29), but his father, rapper himself, Peter Gunz, posted the $30,000 bail.
Upon release this morning (Jan. 30), Gunz told Daily News: "This was a big mistake on my part. I didn't have any intentions of harming anyone or committing a criminal activity. So many young people look up to me and I need to fight through this."
Peter Gunz described the arrest saying Cory "just got out of a cab and police ran up on him and they were in plainclothes. He didn't know they were cops -- he thought he was getting robbed."
As the Daily News points out, if convicted, Gunz faces a mandatory minium sentence of three and a half years in prison. "It's been really hard, really stressful," Gunz said. "When the smoke finally clears people will understand what was going on."
The Young Money rapper had a break out year in 2011. Gunz had a prominent guest spot on Lil Wayne's comeback track, "6 Foot, 7 Foot," starred in his own reality show called "Son Of A Gun," produced by Nick Cannon, and dropped his eighth mixtape.