A day after Aaron Carter was arrested for investigation of marijuana possession in Texas, Bob Carter is speaking out about his arrest.

“I’m just totally floored by this,” Carter tells PEOPLE. “Other people suspected he had a problem, but I denied it and didn’t believe it. But now I feel hurt and betrayed, because I see that everything wasn’t what I thought it was.”

Carter believes that his son was heading to Georgia to confront him about finances at the time of his arrest. “His new managers are trying to convince him that I’m the reason he’s going broke,” he says. “It’s not true; I don’t live off Aaron’s money.”

A statement released by the singer’s manager to Entertainment Tonight, said: “On his way to Florida bringing his two dogs to live on a large ranch, Aaron Carter was detained today in Texas by a trooper for exceeding the speed limit by 5 mph. A search revealed a small amount of marijuana, a misdemeanor in this state. He is posting bail and will return to Los Angeles. He sincerely regrets any embarrassment this caused to his family, friends and fans.”

Bob Carter tells PEOPLE that he hopes the arrest will serve as a wake-up call to the 20-year-old star. “Aaron has always thought he was invincible,” he says. “Sometimes it takes a knock in the head to get people back on track. I hope that’s what happens here.”

Having reached out to Aaron since his arrest, Carter pledges to help his son with anything he needs. “The bottom line is that I love my son very much,” he says. “It’s important that he knows that I will do anything for him.”

Meanwhile, elder brother and Backstreet Boy Nick learned about the arrest while on tour in Australia. “He tried to call me this morning, but I had my phone off. I hope Nick can help talk some sense into Aaron,” Carter says.

The Carter family has had a fractious relationship over the years. In 2003, Aaron alleged that his mother, Jane, had removed more than $100,000 from his bank account without permission. The next year, Jane was arrested and charged with battery for beating up Bob Carter’s new girlfriend. In 2006, Aaron and Nick got into a fistfight before the premiere of their reality show, House of Carters. “We’ve had some very tough times,” says Bob Carter. “There’s a lot of pitfalls to growing up in the public eye.”

Aaron Carter was busted by police for drug possession midday yesterday.I would be lying if I said I didn’t see this one coming. ‘Backstreet Boys’ Nick Carter’s little brother Aaron Carter was busted with more than two ounces of marijuana and is currently in the slammer.

The former pop star was stopped by the coppers for speeding in Kimble County, Texas. A subsequent search of his Cadillac Escalade turned up about two ounces (56.7 grams) of marijuana and he was taken to a local jail in the town of Junction, where he is currently behind bars.

Carter spent the night in jail and is due in court this morning for his arraignment.Carter will remain in jail until a judge decides his arraignment. As Forest Gump would say, ‘Stupid is a stupid does.’

We’re surprised it took Aaron this long to get arrested.

Didn’t you think he would get busted sooner??