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(AllHipHop News) Music industry veteran Chris Schwartz is standing by rapper Beanie Sigel, the flagship artist on Schwartz’ relaunched, legendary label, Ruffhouse Records.

Earlier today (July 12), Beanie, born Dwight Grant, was sentenced to 24 months in prison, for avoiding paying taxes on $2.2 million on income earned from 1999-2006.

Ruffhouse Records, which introduced acts like Kriss Kross, Nas, The Fugees, Cypress Hill, and DMX, has sold over 100 million records since its launch.

Ruffhouse has a new distribution deal with EMI Label Services, which will release a new album by Beanie Sigel titled This Time, on August 28.

“We’re extremely proud to be re-launching Ruffhouse Records with Beanie Sigel as our first artist,” said Schwartz. “His sentencing today doesn’t change any of that in the least. Regardless of this unfortunate situation, Beanie has created a tremendous body of work that is totally worthy of the Ruffhouse name.

“It’s almost ironic that the sentencing is happening on the eve of this record, because this record is about introspection and redemption. Beanie is truly one of the great lyricists in the hip-hop game. He stands tall among all the major MCs and he’s revered by all hip-hop aficionados around the world,” Schwartz added.

According to Schwartz, the new incarnation of Ruffhouse Records is seeking established acts with a loyal fan base.

“I’m basically following the same criteria as the previous Ruffhouse Records for the artists we represent,” says Schwartz. “We’re working with self-established marquee artists, and Beanie is the perfect fit.”