Hudson Bell, 24, of no fixed address, and previously the Warrnambool showgrounds, pleaded guilty in the Warrnambool Magistrates Court to possessing a controlled weapon. 

Police said that at 2am on September 9 officers saw a red Holden Commodore driving along Warrnambool's Botanic Road.

Police consider the eastern end of that streeta high drug activity area and pulled over the car.

They saw a passenger in the vehicle was drug affected and searched Bell's car.

They found a pocket knife in the driver's door storage area. 

Bell told officers he carried it around for protection after having a gun held to him in an armed robbery.

"I don't want that to happen again," he said.

But, Bell said in court that reason was actually false and he had used the knife while fishing a couple of days before being pulled over. 

He said he has been working at the new Mortlake saleyards and when questioned by the magistrate confirmed he had been getting paid despite a financial backer of the project being arrested at gunpoint over a $500 million Serbian cocaine bust.