Police: Tatum O'Neal Busted for Drugs!

According to the NYPD, actress Tatum O'Neal, who at the age of 10 was the youngest actress to ever win an Oscar, was arrested in Manhattan on Sunday for allegedly attempting to purchase crack cocaine.

The incident happened in New York's Lower East Side at around 7:30 last night near her apartment. She was seen handing money to a drug dealer when police busted her. They also found two bags of cocaine on her.

The actress reportedly told police that she was doing research for an upcoming role as a junkie and asked them to just forget about it. She also reportedly said to them, "Today was the first time I was relapsing, but you guys saved me!" She even asked police, "Don't you know who I am?"

Tatum was booked in Manhattan and is expected to be arraigned sometime today.

O'Neal is the daughter of actress Ryan O'Neal. The two starred together as a pair of Bible-selling con artists in the classic 1973 film Paper Moon, which won the young actress her first and only Academy Award.

UPDATE: Tatum has been released from police custody with no bail set. The DA's office has recommended the actress seek drug treatment.