All is not good in The Bronx. Peter Pankey Jr. aka Cory Gunz was arrested Sunday afternoon for possession of an unregistered .9mm handgun, as police searched through his backpack and found the loaded firearm inside. His father, Peter Gunz, claims his son was illegally searched but posted his $30,000 bail. Cory had this statement to make shortly following his release from jail.

"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 though this."

If convicted, the Young Money rapper faces up to three and a half years in prison.

[via NYDailyNews]