Rapper Cory Gunz is remorseful after being arrested Saturday (Jan. 28) for gun possession. As we reported earlier, the Young Money hotshot was busted by police in his native Bronx, N.Y. neighborhood with a loaded .9mm handgun. Cory was released Monday morning (Jan. 30) after his dad, rapper Peter Gunz, posted the $30,000 bail.

Cory told New York Daily News that he carries a firearm for protection not for malicious intent. "This was a big mistake on my part," he said. "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."

If Cory gets convicted on the charge he could be facing a mandatory three-year prison sentence. For Peter, seeing his son in handcuffs, was a heartbreaking moment for him. "I was pretty sad seeing my son in handcuffs and sitting in a cell," he said. "Never in a million years would I think that he would have a gun."

This is the first offense for Cory, who is a father of two young daughters, and he took a moment on his Twitter account to respond to his followers. "I apologize to all of my Supporters, Friends and Family," he stated. "Things Happen, No excuses. My only regret is letting ya'll down … Peace."