When Bobby Shmurda and the GS9 crew were arrested in New York City Wednesday morning (Dec. 17), news spread that Sha Money XL, the EVP of Urban A&R for Epic Records, was arrested. However, the record label executive was not taken into custody and has released a statement, clearing his name.

“I was not arrested. They held me until they searched the studio then let me go,” Sha Money explained in a statement. “I signed these kids to give them a better way in life not to be dragged down by the media and gunned down by the 40 cops that raided the studio and pointed guns at me for working my job. You have no idea how this makes me feel or look when I’m one of the only few black men signing black artist from the streets and giving them a chance to do better in life."

Sha signed Bobby Shmurda to Epic Records in July. "Deal is done @bobby_shmurda #EPIC no one does the underdogs better then me. Brooklyn this 1 is for you!” the label exec wrote in a caption on Instagram when the signing was made official. The rhymer was also shown celebrating his very first deal by dancing on a conference room table.

The 'Hot N----' rapper is facing charges for gang-related shootings and drug trafficking. In addition to the arrest of 20-year-old Shmurda, born Ackquille Pollard, fellow GS9 member Rowdy Rebel was brought in and 20 guns were seized from Quad Recording studios in midtown Manhattan.

Shmurda was under surveillance for some time before authorities went in for the arrest. He's scheduled to be arraigned today (Dec. 18).

See Stars We Lost in 2014