Vincent Cabello, 39, pleaded guilty Wednesday in federal court to two conspiracy counts involving bank larceny and money laundering, The Oregonian reported (http://is.gd/2mBKO0).
His parents, 64-year-old Archie and 59-year-old Marian Cabello, are also involved in the case and are set to stand trial in April.
According to court documents, after the younger Cabello sat down with investigators recently, FBI agents searched a safe deposit box in Bellevue, Wash., finding nearly $2 million in $100 bills.
Vincent Cabello and his parents were accused in three heists that investigators said were inside jobs disguised as robberies. Two involved armored cars that Cabello's father drove and a third was at a security company where the son worked.
The thefts date to 1995 and 1998 in Milwaukee, Wis., and 2005 in Portland. The three family members were indicted in 2010.
Cabello's parents face trial on an array of charges, including bank larceny, possession of stolen bank funds, making false statements on credit applications and conspiracy to commit money laundering.
Court documents say that in December 2005, Archie Cabello was driving for Oregon Armored Service when he pretended that his car had been hijacked at gunpoint as he made a pickup in southeast Portland. He told the FBI that two men, one armed with a pistol, made off with about $3 million.
Federal agents found the story fishy, especially after learning about the Cabellos' connections to the Milwaukee crimes. One was the 1998 theft of more than $700,000 from a vault at a Milwaukee security company where Vincent Cabello was a shipping-and-receiving clerk.
Authorities accuse the Cabello family of spending years hiding stolen money, converting much of it into money orders, which they used to pay off credit cards that they took out under aliases.
Vincent Cabello was scheduled to be sentenced on June 6.
