Stephenson appeared at Manchester and Salford Magistrates' Court on Friday (June 4) where he admitted possession with intent to supply a controlled substance and money laundering.
The 35-year-old was arrested on Thursday after dawn raids at his addresses in Westwood Crescent, Salford, and two other Salford addresses on Old School Court and Mitcheson Gardens.
It was at his address and the Mitcheson Gardens address where officers discovered a large quantity of cash - linked to Stephenson - within locked safe deposit boxes.
Controlled substances packaged for supply, believed to be amphetamine, were also found in Stephenson's possession and he was arrested and taken to custody.
Stephenson has been recalled to prison for a breach of his license conditions and will be sentenced at a later date for the offences he pleaded guilty to today.
A 31-year-old man was also arrested on suspicion of possession with intent to supply a controlled substance and he has since been released while enquiries continue.
The Op Naseby disruption team have made their mark since forming in April 2020
The action comes as part of GMP Salford's Operation Naseby - a dedicated taskforce to tackling and disrupting organised crime in the city.
Since its inception of the 'disruption hub' in April 2020, it has seen a notable decrease in organised crime activity, including a 40% drop in firearms discharges between April 2020 and March 2021.
Anyone with information or concerns should contact police online, if able, via www.gmp.police.uk, or 101. Always call 999 in an emergency.
Details can be passed anonymously to the independent charity Crimestoppers on 0800 555 111.