The name 'Cory Gunz' is unfortunately more appropriate now than ever. The Young Money rapper and Nick Cannon pal was arrested yesterday afternoon (Jan. 28) with a loaded firearm.

The rapper's father, veteran rapper Peter Gunz (real name Peter Pankey), spoke to MTV about the incident, which went down in their native Bronx, N.Y.

"This is Cory's first offense, but sometimes they like to make an example out of rappers and people with any kind of celebrity to them," Peter said. However, Peter admitted that the arresting officer didn't even know who his son was. "I spoke to the arresting officer, and so far, what I'm hearing from him is that they got a phone call at the station saying they should 'look out,' " Peter revealed. "They didn't know he was Cory Gunz. They just saw a bunch of kids following him around."

While Peter says that "it was definitely an illegal search," he doesn't have it out for the arresting officer. "What I will say is that the officer that arrested Cory, actually happened to be a cool dude," Peter said. "After arresting Cory, sitting down with him and talking, he felt bad about the situation."

Cory was originally taken into the 43rd Precinct in the Bronx on Saturday, but has since transferred to Central Booking, on E. 161st Street in the Bronx.

This is the first offense for Cory, and Peter is taking it hard. "At the end of the day, there's a reason for everything, but at the same time, in New York, it's mandatory jail time," Peter said. "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."