Daniel Ede pretended to be the victim of a multi-million dollar gold heist, but was instead in cahoots with his friend and robber.
They staged the $3.9 million robbery from the Melbourne Gold Company in April and ditched the loot at a Gippsland farm at a place called Dollar.
Ede, 37, pleaded guilty in Melbourne Magistrates Court on Wednesday to the theft of the gold bullion, cash and jewellery, as well as entering his workplace as a trespasser with the intent to steal.
Three other charges, one of perjury and two firearm offences, were struck out.
Ede initially pretended his friend and customer, Karl Kachami, had robbed him at gunpoint.
But it was all a facade. Ede let himself be tied up for the sake of the business' CCTV system while giving Kachami signals and taking him to safes.
Kachami, 48, was arrested that day. He led police to the treasure buried at his family's property at Dollar.
He pleaded guilty in August to theft, possessing a handgun without a licence and trespassing with the intent to steal.
Both men are due to face the County Court on October 29 for a plea hearing.