Young Money rapper Cory Gunz was arrested for gun possession in the Bronx, New York, on Saturday after police discovered a loaded firearm, his father Peter Gunz confirmed.

“The details are still sketchy, but I can confirm that he was arrested with a firearm yesterday in the Bronx,” the senior Gunz told MTV News. “They caught him around 2 p.m. in the afternoon with a loaded gun in his knapsack.”

He called the search “illegal” and explained the events leading up to his son’s arrest. “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,’” Gunz said. “According to [the officer], they didn’t know he was Cory Gunz. They just saw a bunch of kids following him around.”

This is the 24-year-old MC’s first run-in with the law, but his father is still concerned about the consequences.

“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,” he 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.”

Gunz’ mentor Nick Cannon was confident he would be released soon. “Great dude, just a little bad luck,” he tweeted. “@CoryGunz is holding strong and will be out shortly. Family is here if and when anything is needed.”

Young Money-Cash Money bombarded the charts last year with platinum releases from Lil Wayne and Drake, but they’re not done yet. Over the next few months, hip-hop’s reigning crew will return with albums from Nicki Minaj, Tyga, Bow Wow, and Lil Twist.

First up, Tyga will unleash Careless World: Rise of the Last King to stores on February 21. With “Rack City” and “Still Got It” getting spins at radio, the Cali rapper continues to seize airwaves with “Faded” featuring Lil Wayne. The star-studded set is expected to include collaborations with Nicki Minaj, Chris Brown, Big Sean, J. Cole, Nas, Wale, and Robin Thicke.

Originally scheduled to drop last fall, Bow Wow is now eyeing a March 13 date for his seventh solo album Underrated, which features heavy-hitters such as Wiz Khalifa, Chris Brown, Jadakiss, Musiq Soulchild, and Boyz II Men.

One week later on March 20, 19-year-old MC Lil Twist makes his debut with Don’t Get It Twisted led by the Busta Rhymes-assisted single “Turn’t Up.” Justin Bieber, Drake, and Nicki Minaj fill out the guest list.

On April 3, the red pink carpet will roll out for the sophomore album from Young Money’s First Lady, Nicki Minaj. Pink Friday: Roman Reloaded, the follow-up to her 2010 breakthrough debut, has already spawned the singles “Roman in Moscow” and “Stupid Hoe.” In addition to her feisty alter ego, look for a surprise guest or two.

Lil Twist gets “Turn’t Up” in the flashy video for the Busta Rhymes-assisted single off his debut Don’t Get It Twisted, due March 20.

Lil Wayne’s 19-year-old protégé flaunts his wild style in the Hype Williams-inspired visuals, skateboarding through his crib in a leopard track jacket, rapping in a feathery pink coat, and stomping in zebra-print combat boots alongside his Cash Money cohort Busta Rhymes.

Twizzy gets a check-up from a sexy nurse before taking off in a private jet, and splurges on his ladies with the YMCMB Discover card. Just another day in the life of a Young Money Millionaire.

You may remember him from “American Idol.” Now Season 6 finalist Chris Richardson is set to release his debut album via Young Money. The 27-year-old pop singer, who appears on Tyga’s single “Far Away,” sat down with his label boss Birdman to discuss his addition to the YMCMB roster.

“I think he’s a special talent. He’s definitely a sensational artist on our brand, YMCMB,” said Birdman in the Derick G. video.

The Virginia-bred crooner’s debut is due in May. “I’m really, really family oriented so just having the camaraderie of everybody at this label is something so special,” said Richardson. “I can’t really explain it, but it definitely is inspiring.”

Watch the video for his first single “In the Name of Love” below.

Mack Maine digs into the crates and unleashes the previously unreleased “Fortune Teller” featuring Lil Wayne. The rasta-flavored cut, recorded in 2007, is featured on the Young Money president’s new mixtape Don’t Let It Go to Waste. Tunechi rhymes in a Jamaican patois about turning into Hannibal Lecter. Listen to him eat the track alive.

Young Money’s youngest rapper Lil Chuckee takes it to the dance floor with his new single “Wop,” produced by Mr. Hanky. The 15-year-old New Orleans native samples Little Richard’s rock ‘n’ roll classic “Tutti Frutti” on the twerking anthem.

“I got behind her and hit her with that wham wham/ She looked back at me like God damn/ Welcome to BedRock, call me Bamm-Bamm,” he playfully raps.

Listen as Lil Wayne’s protégé goes to bat.

Young Money’s rising star Lil Twist goes up to bat with his DJ Ill Will-hosted mixtape The Golden Child. Lil Wayne’s protégé calls on Lex Luger, Chris Richardson, Khalil, and Jae Millz for the 15 tracks, available as a free download. Twist’s YMCMB debut Don’t Get It Twisted is slated to drop in early 2012 with appearances from Drake, Nicki Minaj, and Busta Rhymes.

Download: Lil Twist – The Golden Child

Lil Twist turns his swag on in the flashy video for “Turn’t Up,” the Busta Rhymes-assisted single from his debut Don’t Get It Twisted, due next year. The Young Money rapper skateboards in a leopard track jacket and performs scenes in a hot pink coat in the Derick G. clip. Birdman and his YMCMB labelmate Chris Richardson also pay him an on-set visit. Go behind the scenes below.

Lil Twist plays by his own rules on “Do What I Want,” a collaboration with 2 Chainz off his mixtape The Golden Child, dropping December 20. The Young Money young’n brags about getting whips, females, and money on the ominous production. “They steady stealin’ my flows,” he raps. “Don’t you wish you was YMCMB?/ When they look in the mirror, I’m all they see.”

Lil Twist reclaims his love in the video “Over Again,” his collaboration with R&B singer Khalil. The 18-year-old rapper flirts with a P.Y.T. and hits the studio to record with Khalil. Before his Young Money debut Don’t Get It Twisted arrives next year, Twist will release his mixtape The Golden Child on December 20.