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.
- The Juice