Facing allegations of infidelity, James issued an apology Thursday to his wife Sandra Bullock and his three children, taking full responsibility for their heartbreak.
In a statement provided to PEOPLE, he says:
"The vast majority of the allegations reported are untrue and unfounded. Beyond that, I will not dignify these private matters with any further public comment.
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"There is only one person to blame for this whole situation, and that is me. It's because of my poor judgment that I deserve everything bad that is coming my way.
"This has caused my wife and kids pain and embarrassment beyond comprehension and I am extremely saddened to have brought this on them. I am truly very sorry for the grief I have caused them. I hope one day they can find it in their hearts to forgive me."