Cory Gunz Calls Gun Arrest 'A Big Mistake'

'When the smoke finally clears, people will understand what was going on,' Young Money MC tells Daily News.

Cory Gunz is out on bail, but the Young Money rapper is not out of the woods just yet.

On Saturday afternoon, Gunz was arrested in the Bronx, New York, after cops searched his backpack and found an unregistered Taurus .9mm pistol. He was charged with criminal possession of a loaded firearm and, if convicted, faces a mandatory minimum sentence of three and a half years in jail.

"This was a big mistake on my part," Gunz told the New York Daily News early Monday morning after his dad, Peter Gunz, posted the $30,000 bail. "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.

"It's been really hard, really stressful," Cory continued. "When the smoke finally clears, people will understand what was going on."

The News is reporting that Gunz (born Peter Cory Pankey Jr.), who starred in his own MTV reality show, "Son of a Gun," was nabbed around 2:30 p.m. ET in the Soundview section of the Bronx.

"It was definitely an illegal search," Cory's father told MTV News on Sunday afternoon. "To go to a precinct and see your son, your junior, in handcuffs, it's heartbreaking. Anytime you see your child in jail, in the cell, in handcuffs, it's very hard. He's walked down some of the same paths that I walked down, but you never want to see your kids go through what you went through."

Twitter has been buzzing with the news, and Cory's manager Nick Cannon used the social platform to show his support. "Great dude, just a little bad luck. @CoryGunz is holding strong and will be out shortly. Family is here if and when anything is needed," he wrote.

When he was finally released, Cory also took to Twitter.

"Home," he wrote early Monday morning. "I apologize to all of my Supporters, Friends and Family. Things Happen, No excuses. My only regret is letting ya'll down... Peace."

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