Cory Gunz was arrested yesterday January 28, after police found him in possession of a loaded handgun. Police caught the rapper with a loaded, unregistered Taurus .9mm handgun. Even though its his first offense, Cory Gunz faces a minimum mandatory sentence of 3 and 1/2 years in prison. Cory Gunz, born Peter Pankey Jr., is currently in custody in the Bronx. In New York, it’s mandatory jail time,” the days of paying off judges to walk are long gone in NY. Last word was Cory Gunz is currently still being held in central booking.